Finance Bill 2023-24 Passed

Finance Bill 2023-24 Passed

Sadiq Sajrani, acting President signed the Finance Bill 2023-24 after the National Assembly passed the bill a day earlier with certain amendments to proposed budgetary measures with revised outlay of Rs 14.48 trillion.

The approved budget focuses on economic stability, sustainable and inclusive growth as well as curbing inflationary pressures.

Read more | 16% increase in Defence Budget

The new measures included Rs 215 billion additional taxes through amendments to the original bill, which was presented on June 9. The bill set a target of Rs 3.5 percent growth rate in gross domestic product (GDP).

The National Assembly house passed the budget with majority vote with thumping of the desks as the budget was proposed by Finance Minister Ishaq Dar. The fiscal adjustments worth Rs 300 billion was also added as demanded by IMF.

New Taxes imposed to placate IMF

While winding up the budget debate, Finance Minister Ishaq Dar also announced the increasing taxes budget on the salaried class and withdrawing the $100,000 asset-whitening scheme.

The revenue collection target of Federal Board of Revenue had been revised upward to Rs 9,415 billion in the wake of Rs 215 billion new taxes.

Tax on sale and purchase of property was also increased from one to two percent, five percent federal excise duty on fertiliser and FED on juices was increased from 10 to 20 percent. The limit of Petroleum Development Levy was also increased from Rs 50 litre to Rs 60 litre.

Read more | Govt Removes Taxes on Import of Tomato and Onion till Dec 31

Rs 2000 tax was levied on old-technology fans besides 20 percent tax on old bulbs from January 1. The people and government of Pakistan is now hoping for finalisation of IMF deal after imposing this much taxes on middle class of Pakistan.

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