The Federal Budget 2022-23 will be presented on Friday 11th June in National Assembly. The government is all set to announce the federal budget for 2022-23 of Rs. 9.6 trillion budget including Rs. 800 billion for development projects. Finance Minister will make a budget speech and present the budget documents before the parliament on the 10th of June.
The government has almost finalized the draft of the Public Sector Development Programme (PSDP) for 2022-23 and Economic Survey for the upcoming budget 2022-23 will be unveiled on 10th June, including Rs. 8.79 trillion current expenditures and Rs. 800 billion for PSDP. On the other hand, govt proposed Rs. 4 trillion for debt servicing and Rs. 3.5 trillion of the budget 2022-23 will be consumed on loans and interest. The budget deficit is expected to be 4.8 percent of GDP (Rs. 3.8 trillion).
In the federal budget 2022-23, the government wants to set a determined target due to the constraint of the International Monetary Fund (IMF). Therefore, the tax revenue is anticipated to be. 7.2 trillion whereas the non-tax revenue is believed to be around Rs. 1.5 trillion in the budget.
The government is likely to increase the salaries and pensions of government employees. The Pay and Pension Commission has submitted reports for the increase in salaries and pensions for public sector employees for the upcoming budget. It is expected that the government will increase the salaries and pensions by up to 5-15 percent in the budget 2022-23. On the other hand, it is considered to allocate Rs. 530 billion for payment of pension to retired government servants.
This is the first annual budget by the N-League government and this time govt is expected to focus on launching special programs of Rs. 52 billion for rural Azad Jammu and Kashmir and Gilgit-Baltistan. Rs. 31 billion for provincial projects, Rs. 50 billion for the districts of ex-FATA and Rs. 70 billion for SDGs for the next fiscal year. The government is going to propose Rs. 1.6 trillion for defense expenditures as well.
The government is also contemplating raising taxes on online gaming, TikTok, and other social media platforms. however, there is also talk of raising taxes on YouTube payments made within the country as per FBR sources.
You can read the Budget Proposals for Tax Year: 2022-23 by the Federal Board of Revenue (FBR) below:
- Sales Tax & Federal Excise Budget Proposals
- Income Tax Budget Proposals
- Customs Budget Proposals
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