According to the details, the government of Pakistan announced the budget for the years 2022-23 yesterday. Finance Minister Dr. Miftah Ismail officially announced the federal budget in the Parliament House in connection with other senior representatives of Pakistan. The Prime Minister of Pakistan, Shahbaz Sharif also took part in this meeting. This year, the total federal budget outlay is Rs 9502 Billion. In the Parliament House, the Finance Minister Dr. Miftah Ismail highlighted some of the features discussed in the meeting. The details are as under
See Also: Budget Calendar 2023-2024
Main Features of Federal Budget:-
Have a look at the features of the federal budget discussed in the Parliament house. The details are as under
- Rs. 17 billion for subsidies on Utility Stores for FY 23
- The salary of government employee increases by 15%
- FED on Balance recharge increased from 16% to 19.5%.
- Import Levy increased on mobile phones.
- The government has imposed taxes on software exports and all other IT exports.
- Rs. 17 billion allocated for the Information and Technology sector.
- 100% to 200% advanced tax increased for non-filer on the purchase of luxury cars.
- Capital gains tax imposed when selling of cars worth over Rs. 5 million.
- The minimum salary of income tax increases to 1.2 million as compared to 0.6 million
- Fixed income and sales tax to be charged from small retailers. This tax will be collected through electricity bills. Amount Rs. 3-10K.
- Initial 100% depreciation allowed for Industrial units as compared to 50%.
- Properties having a value of Rs. 25 million will have to pay 1% income tax on rental income, which will be equal to 5% of the fair amount of the property. This tax will not be applicable to a personal residence.
- 15% capital gain tax charged on immovable properties sold under a one-year holding period.
- Advance tax for filers for property transactions increased to 2% from 1%. And the same has been increased to 5% for the non-filers.
- A youth employment policy program will start for the fresh graduates of Pakistan with a 25% women quota.
- Free laptops are to distributed on merit among students.
- Rs. 51 billion allocated for Higher Education projects.
- Filmmakers given tax holidays for the next five years. Exports rebate will be provided on movies and dramas exports for the next 10 years.
- The banking sector taxed at 42% from the current taxation of 39%.
- Payments made through debit, credit, and Prepaid cards to a foreign country would be charged with 1% & 2% advance WHT for filers and non-filers.
- Rs. 10 billion allocated for the improvement of climate projects.
- 5% sales tax on tractors abolished to zero.
- Sales tax on import of Sunflower, Canola, wheat, seeds has been
