Federal Budget FY 2022-23 in Pakistan
Islamabad: Pakistani budget for the financial year 2022-23 is presented in National Assembly on June 11, 2022. The Ministry of Finance has officially sent out a proposal to Prime Minister Imran Khan that the date of the upcoming budget 2022-23 should be fixed to June 11, 2021. We have sent the file to PM Imran Khan for presenting the coming budget on June 11, 2022.
Pakistan budget to be presented for 2022-23
Minister of State for Revenue Hammad Azhar begins presenting budget 2021 Pakistan. “There has been no increase in exports in the last five years. The circular debt has peaked to Rs1200 billion – it is increasing by Rs38 billion per month.”
The Federal Board of Revenue has set a target of Rs5.5 trillion in the current Pakistan budget 2021-22. Keeping in view that the Tax-to-Gross Domestic Product (GDP) ratio is significantly lower in the region; our focus is on increasing tax collection. Only two million people, including the salaried class, paid taxes.
How Much pension and pay increase in Pakistan Budget 2022 to 2023:
The government has increased basic pay of Grade 1 to 16 employee by 10 per cent with an ad hoc allowance increase of 10 per cent. The basic pay of Grade 17 to 20 employees has been increased by 5 per cent and ad hoc allowed by 5 per cent. Azhar said the Grade 21 and 22 have agreed against an increase in basic pay owing to the current economic situation.
Minister of State for Finance Hammad Azhar presented the budgetary proposals in the National Assembly on Tuesday evening. The conveyance of disabled persons has been increased to 2000 rupees from 1000 rupees while special allowance of private secretaries attached with ministers and parliamentary secretaries has been enhanced to 25 per cent. The Minister of State said the Cabinet members have voluntarily agreed to 10 per cent cut in their salaries.
People of Pakistan get their pay scale revised pension and pay increase in Pakistan Budget 2021 to 2022 from www.finance.gov.pk and www.fbr.gov.pk and also online check the official news by the Prime Minister Mr. Imran Khan is representing in the national assembly hall for the servants of Punjab, Sindh, Baluchistan, Gilgit Baltistan, Khyber Pakhtunkhwa (KPK), Azad Jammu and Kashmir.
a new ration scheme will be introduced that will offer 80, 000 people interest-free loans every month. An old-age home scheme will be launched for senior citizens. The government will launch a ration card scheme for 1, 000, 000 people.
Sehat Sahulat Progamme: 3,200,000 families to be inducted in the first phase.
The government has allocated Rs33 billion for higher education.
Government of Pakistan Ministry of Finance department deals & pertains with the finance of the Federal Government and finance matters which affects the whole country. The Ministry of Finance is responsible to prepaid annual budget statements as assigned under the Rules of Business, 1973.
Pakistani Federal Budget 2022-23 highlights:
20 % Loans will be decreased for low-income housing.
Rs 5 Billion would be declared for revolving fund up.
Tax will be the same for expensive phones & low-priced phones.
5 % at diesel engines for agriculture motives will be decreased.
On mobile cards, about 30 % returned.
Tax increased on vehicles for 1800CC.
Tax on agriculture will be diminished to 20 %.
Punjab Budget 2022-23:
The government of Punjab will present Punjab Budget in Punjab Assembly. The annual budget for the year 2021-21 and supplementary budget for 2022-23 will be presented on Friday (June 14 at 03:00 pm.
The provincial government has determined to assign funds for the three parts of Punjab including South, North and Central Punjab. Furthermore, Rs3 billion would be owed to South Punjab Secretariat. It is optional to expand professional taxation; but, the suggestion for burden of the same tax on lawyers was delayed. The government is planning to enforce a tax on beauty parlors and hair salons.
Punjab government is possible to increase the rate of agriculture income in next budget besides hiking growth rate to 5.2 per cent and the creation of employment up to 510,000.
Budget news 2022 Pakistan