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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.

Design: Hussain Afzal, data compiled by: Omar Qureshi
Design: Hussain Afzal, data compiled by: Omar Qureshi

Design: Hussain Afzal, data compiled by: Omar Qureshi
Design: Hussain Afzal, data compiled by: Omar Qureshi

  • 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.

Comments

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Shahzad Jun 10, 2022 10:24pm
Withholding tax is reduced on behbood and pensions fund from 10% to 5%. But what about the other schemes and bank profit ? The wht should also be reduced on profit of banks also
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