Latest Key Highlights of Budget 2023-24
Key Highlights of Budget 2023-24. The fiscal year 2023-24 budget was put forth by the Pakistani government on Friday. Business Recorder has analyzed the paperwork and compiled some of the most notable aspects for review.
![Key Highlights of Budget 2023-24](https://rozigo.com/wp-content/uploads/2023/06/Evaluation-web-1024x1024.webp)
![Key Highlights of Budget 2023-24](https://rozigo.com/wp-content/uploads/2023/06/Expenses-1024x1024.jpg)
Major Points of Key Highlights of Budget 2023-24:-
- Government sets 3.5% growth and 21% inflation targets for the 2023-24 fiscal year
- Tax-to-GDP ratio expected to be 8.7%, with a $6 billion projected current account deficit
- Allocations for defense spending, subsidies, pension, Public Sector Development Programme, and health sector
- Increased agriculture credit limit and solarization of 50,000 agriculture tube-wells
- No duties or taxes on imported seeds, harvesters, dryers, and rice planters
- Subsidies for PM’s Youth Business and Agriculture Loans scheme, imported urea, wheat flour, ghee, pulses, and rice
- Salary increases for government servants of grades 1-16 and 17-22
- Sales tax exemptions for IT and IT-enabled services and freelancers with monthly exports of $2,000
- Increased funding for Benazir Income Support Programme and minimum pension established
- Provision of 100,000 laptops for students and exemption of custom duty on raw material imports for batteries, solar panels, and inverters.
Fiscal Year Key Highlights of Budget 2023-24:-
According to a statement from Finance Minister Ishaq Dar, Pakistan’s economy has set its sights on achieving a growth rate of 3.5% during the upcoming fiscal year, with the announcement made during the unveiling of the Rs14.5-trillion federal budget 2023-24 on Friday in the National Assembly.
- Pakistan aims for 3.5% economic growth in the 2023-24 fiscal year.
- Finance Minister Ishaq Dar announces the goal during the budget unveiling.
- Rs14.5-trillion federal budget set for 2023-24.
Fed retirees’ pensions up 17.5%.
Dar announced a uniform hike of 17.5% to be applied on pensions of retired public sector workers. “Despite their non-taxable status, considering inflation, this augmentation seems fitting,” commented Dar.
Fed govt employees get increased ad-hoc relief:-
Dar made a significant declaration regarding the ad-hoc relief allowance for federal government employees. Employees in grades 1-16 would benefit from a substantial boost of 35%, while those in grades 17-22 would receive a 30% increase. Furthermore, Dar revealed that other allocations, which had been suspended earlier, would now be raised by a staggering 50%.
- Dar announced significant changes in ad-hoc relief allowance for federal government employees.
- A boost of 35% would be given to employees in grades 1-16.
- A 30% increase would be given to employees in grades 17-22.
- Other suspended allocations would be raised by 50%.
Tax shares bonus Key Highlights of Budget 2023-24:-
According to Dar, it has been decided to implement a uniform tax rate of 10% on the allotment of bonus shares for publicly listed firms.
“Insurance for artists & journalists”
- Finance Minister announced Public Sector Development Programme (PSDP) at Rs1,150 billion.
- Rs200 billion of the PSDP would be allocated for public-private partnerships.
Online Information:-
For Online Information | Click Here |
For Jobs UPdate | Click Here |
Description:-
According to Dar, there will be an increase of 17.5% in the pensions of retired public sector employees. Dar stated that even though these pensions are not subject to tax, the hike is necessary to keep up with inflation.
- Retired public sector employees will see a 17.5% increase in pensions
- The increase is needed to keep up with inflation
- Pensions of retired public sector employees are not taxed.