PM Calls on Cabinet Meeting Tomorrow on Upcoming Budget
PM Calls on Cabinet Meeting Tomorrow on Upcoming Budget. Prime Minister of Pakistan Shehbaz Sharif has called upon a meeting of the federal cabinet tomorrow before the presentation of the upcoming budget.
The budget is likely to approve for the next financial year by the cabinet. The cabinet is also likely to make the decision about an increase in salaries and pensions of government employees, as per media reports.
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Approval for a development budget of Rs2,709 billion is likely to approve by the cabinet. A development budget of Rs426 billion for Punjab, Rs268 billion for Khyber Pakhtunkhwa, Rs617 billion for Sindh, and Rs248 billion for Balochistan expected to propose in the meeting.
An increase in salaries and pensions of Government employees of about 20% and 15% is also likely to be proposed. The agenda also includes approval for Rs1,800 billion for defence, according to the media reports.
The revenue target for the Federal Board of Revenue expected to propose to be Rs9,200 billion and non-tax revenue Rs2,800 billion.
Tax Proposals Expected in the Budget 2023-2024
Following is the list of some tax measures which are expected to be presented in the Upcoming Budget 2023-2024:
- Tax on Undistributed Reserves
- Continuation of Super Tax
- A shift from Final Tax Regime (FTR) to Minimum Tax Regime (MTR) for Exporters
- Asset Tax/Wealth Tax
- Higher Tax on Non-Filers
- GST at 18%
- Tax on Agricultural Income
- Increase in Valuation of Immovable Properties
- Tax on Deemed Rental Income
- Tax on Banks
- Tax on Tobacco
- Dollar Amnesty
- Tax on Beverages
- Subsidy Allocations
- Promotion of Cashless Transactions at Petrol Pumps
- Increase in Tax Rate for Commercial Importers
- Fixed Tax Regime for Small Retailers
- Disallowance of Input Taxes
- Increase in Tax Rates for Sole Proprietors and Association of Persons
- Revamping of Capital Gains on Immovable Property
- Extension of Exemption on Property and Shares
- Import Duties
- Relief Package under BISP
