According to the details, tax receipts in the Budget 2022-2023 Pakistan were estimated at Rs 7,004 billion while the deficit is Rs 4,598 billion. The Pakistan Budget 2022-2023 includes Rs 1,523 billion for defense, Rs 808 billion for development works and Rs 3,950 billion for interest payments have been allocated. The Budget 2022-23 Pakistan date for the announcement was 10th June 2022.
Finance Minister Muftah Ismail presented the Budget of Pakistan 2022-23 in the National Assembly session dated June 10, 2022. Rs 4,100 billion will be received, and a budget of Rs 6 billion has been allocated for Pakistan Bait-ul-Mal. You can download the detail of Pakistan Budget 2022-23 in pdf format from here.
The Govt. of Pakistan presented the budget for the financial year 2022-23
The federal finance minister said that tax disputes would be resolved on a priority basis and if the charitable hospital had more than 50 beds, a full tax exemption would be given.
Finance Minister Miftah Ismail said that revolutionary measures have been taken to increase the domestic production of edible oil. According to the Prime Minister, concessions have been given to persuade, and the abolition of sales tax on import of solar panels and local supply has been announced. To use less than 200 units of electricity, Iran should be given easy installment loans from banks to purchase solar panels.
Estimates of revenue and expenditure for the financial year 23-2022
According to the Financial Annual Budget 2022-23 Pakistan Speech, the tax exemption limit for the salaried class has been increased from 600,000 to 12 million. The tax rate for non-filers has been increased from 100% to 200%.
The federal budget for the financial year 2022-23 was presented in the National Assembly on Friday, June 10, 2022. In the context of the domestic and international scenario, the focus is on financial stability, deficit reduction, increase in exports and production of alternative products to imports, ease of doing business, and investment and promotion of resources.
Salaries and Pension Increase in the Annual Financial Budget 2022-23 Pakistan
According to sources, in the proposed budget, salaries and pensions of government employees have been increased by 10 to 15 percent. The largest amount of Rs 4400 billion has been allocated for repayment of loans and interest. It is proposed to transfer Rs. 4200 billion to the provinces, Rs. 1523 billion for defense, Rs. 800 billion for the development budget, Rs. 500 billion for grants and Rs. 550 billion for subsidies.
How much tax on how much salary?
Federal Finance Minister Muftah Ismail presented the budget in the National Assembly and announced to fix the income tax limit of Rs. 1.2 million for the salaried class. As per budget 2022-23, tax exemption on income up to Rs. 6 lakhs and Rs. 100 on salary up to Rs. 6 lakhs to 12 lakhs. In the budget, it is proposed to levy a 7% tax on annual income of Rs.
As per the Pakistan Budget 2022-23 Proposal On an income of Rs. 36 lakhs to 60 lakhs, 234,000 fixed amount will have to be paid and 17.5% will be separately income tax, while income from 60 lakhs to 12 million will have to pay 654 thousand fixed amount and 22.5 percent income tax will have to be paid separately. Will be.
Benazir Income Support Program
In the federal budget, the amount of the Benazir Income Support Program has been increased from Rs 250 billion to Rs 364 billion. In addition, Rs. 12 billion has been allocated to provide subsidies on goods on Utility Store Corporation. An additional amount of Rs. 5 billion has been allocated for the Ramadan package. In the upcoming financial year, 9 million families will be provided with the facility of the Benazir Kafalat Cash Transfer Program for which Rs. 266 as per BISP.
An amount of Rs. 65 billion has been allocated in the budget for the Higher Education Commission. Furthermore, Rs 44 billion has been earmarked for HEC development schemes.
Culture and Film Industry
Finance Minister Muftah Ismail said that with the implementation of the 2018 Film and Culture Policy, the film has been given industry status and a Binding Film Finance Fund is being set up at a cost of Rs. 1 billion per annum while medical insurance policy for artists has been started.
The filmmakers would be given five years tax holiday, five years of income tax on the establishment of new cinemas, production houses, and film museums, and a tax rebate on the export of film and drama for ten years while the income of cinema and producer is being exempted from income tax.
Tax exemption on medicines and solar panels in Budget 2022-23 Pakistan
Muftah Ismail further said that in this situation environment-friendly energy is the best way to move forward and therefore it has been proposed to exempt the import of solar panels and local supply from sales tax. In addition, consumers using less than 200 units of electricity will be provided easy installment loans from banks for the purchase of solar panels, which will enable them to obtain electricity in an environmentally friendly manner while reducing the use of imported expensive oil and gas will come.
Finance Minister Muftah Ismail presented a Federal Budget Pakistan 2022-23 of Rs 95.02 trillion for the financial year 2013-14, which is Rs 10.15 trillion more than the previous financial year. The total expenditure of the federal government is at Rs. 9,502 billion in the financial year 2013-14, Rs. 800 billion for programs, Rs. 1,523 billion for defense, Rs. 530 billion for pensions and Rs. 65 billion for HEC.