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