The government presented the budget proposals for fiscal year 2022-23 on Friday, aiming to balance economic growth and expenses, with Finance Minister Miftah Ismail insisting that it has looked to protect the more vulnerable with targeted measures.
Business Recorder presents its readers the key proposals put forward in the budget document today.
Economic growth target set at 5% for 2022-23 fiscal year
The Federal Board of Revenue (FBR) tasked to collect Rs7 trillion in taxes next fiscal year
Inflation expected to average at 11.5% in 2022-23
Pakistan to export $35 billion worth of goods and services in next fiscal year
Import target of the country set at $70 billion
The country to contain trade deficit at 2.2% of GDP in 2022-23
Remittances forecasted at $33.2 billion
Fiscal deficit target set at 4.9% of GDP for 2022-23
Tax-to-GDP ratio for 2022-23 envisaged at 9.2%
2% additional tax imposed on tax filers earning Rs30 million yearly income
Salaries of government employees hiked by 15%
Federal development expenditure fixed at Rs727 billion for 2022-23
Pakistan will spend Rs699 billion on targeted subsidies in FY22
Defence expenditure set at Rs1.52 trillion
Allocation for education at Rs90.6 billion
Health budget to amount to Rs19.03 billion
Ban imposed on purchase of new cars for government officials
30 pharmaceutical products have been exempted from customs duty
This is an initial overview. More measures are likely to come to light as Business Recorder delves deeper into the documents.
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