The Budget 2023-2024 for the fiscal deficit of more than six thousand and a half billion will be presented tomorrow, it is proposed to increase the salaries by twenty percent and the pensions by fifteen percent. New taxes will be levied on more than Rs.100,000, levy rate on petroleum products is likely to be increased further
According to the sources of the Ministry of Finance, the next budget has been prepared with a financial deficit of 7.7% of the GDP, the country’s income in the next financial year is estimated at 9200 billion, and the FBR tax revenue and non-tax revenue target are 2800 billion rupees. More than 55 percent will be transferred to the provinces.
The federal government will spend 950 billion rupees on development projects in the next financial year, 200 billion projects will be started under public-private partnership, and the provinces will spend 1559 billion rupees on development projects, FBR property sector, new on the profits of companies. The budget will impose a standard rate of 18 percent sales tax while luxury items will be levied at 25 percent sales tax.
In the budget, 1800 billion rupees have been allocated for defense, 13 billion rupees for the Ministry of Health, and more than 59 billion rupees will be allocated for higher education. While the budget did not impose sales tax on solar panels and solar energy
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