Finance Minister Miftah Ismail presented the budget for the financial year 2022-23 (Budget 2022-23) in the National Assembly on Friday.
Lion’s shares of debt servicing and defence expenditure leave behind crumbs for development projects, health and education.
MAJOR POINTS AND ANNOUNCEMENTS
Remittances target 33.2 billion PKR
GDP growth target set at 5 percent
Inflation to be brought down at 11.5 percent
FBR Revenue Target at 7004 billion PKR
Non-Tax revenue target at 2000 billion
Import target at USD 70 billion
Export target at USD 35 Billion
15 percent increase in salaries of government employees
Youth to get interest-free loans upto Rs500,000 under new employment scheme
End of 8 percent withholding tax on distributors, producers
Profit rate decreased to 5 percent from 10 percent on national saving schemes
Special exemption from income cax for cinema owners and film producers
Advance tax will be increased on cars above 1600cc
Exemption of complete custom duty on pharmaceutical ingredients
MAJOR ALLOCATIONS IN BUDGET 2022-23
Rs1523 billion allocated for defence
Rs699 billion for targeted subsidy
Rs21 Billion for Benazir Nashunuma Program
Rs800 billion for PSDP
READ FULL BUDGET UPDATES: Rs364 billion for Benazir Income Support Program
Rs64 billion for Higher Education Program
Rs24 Billion allocated for Health
Rs11 Billion for Agriculture
Rs9.5 trillion budget presented for FY 2022-23
Rs9.60 billion for Climate Change
Rs3.46 billion for Maritime Affairs
Rs25.99 billion for Atomic Energy Commission
Rs10.12 billion for food security
Rs530 billion for pension
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