The government of Pakistan presented budget for fiscal year 2023-24 on Friday. Business Recorder takes a look at some of the key highlights of the documents.
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Economic growth target fixed at 3.5% for fiscal year 2023-24
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Inflation forecasted to average at 21%
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Tax-to-GDP ratio to stand at 8.7%
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Current account deficit to stand at $6 billion by end of fiscal year 2023-24
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Government has allocated Rs1.8 trillion for defence spending
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Rs1.1 trillion earmarked for subsidies
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Rs761 billion allocated for pension
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Government will spend Rs950 billion on account of Public Sector Development Programme
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Rs22.7 billion earmarked for health sector
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Agriculture credit limit enhanced from Rs1,800 billion to Rs2,250 billion
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Solarisation of 50,000 agriculture tubewells through Rs30 billion
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Withdrawal of all duties and taxes on imported seeds, combined harvesters, dryers and rice planters
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Rs10 billion earmarked for PM’s Youth Business and Agriculture Loans scheme
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Rs6 billion subsidy announced on imported urea
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Targeted subsidy announced on wheat flour, ghee, pulses and rice
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35% increase in salaries of government servants of grade 1-16 in the form of ad-hoc relief
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30% increase in salaries of government servants of grade 17-22 in the form of ad-hoc relief
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Tax free imports of software and hardware by IT and IT enabled services equal to 1% of their exports with a ceiling of $50,000
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No sales tax return by freelancers with exports of $2,000 per month
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Increase in Benazir Income Support Programme allocation from Rs400 billion to Rs450 billion
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Upward revision in pensions and increase in minimum pension to Rs12,000
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Rs10 billion set aside for provisions of 100,000 laptops for students
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Exemption of custom duty on import of raw material for batteries, solar panels and inverters
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