30pc Increase in Salaries of Govt Employees Expected
30pc Increase in Salaries of Govt Employees Expected. Today budget 2023-2024 for the next financial year is expected to be announced by Finance Minister Ishaq Dar. It is likely that the Federal Government will increase the employees’ salaries and pensions.
According to media reports, the finance bill has proposed 30 per cent increase in salaries of government employees from Grades 1 to 16 and 20pc for Grades 17 and above.
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Moreover, a 15 to 20pc increase had been proposed in the pensions of retired government employees. For this purpose, Rs780 billion had been proposed for pensions in the budget.
According to media reports, the Federal Cabinet will give final approval for an increase in salaries and pensions today (June 9).
Tax Proposals Expected in the Budget 2023-2024
The following list of some tax measures expected to present 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
