The Federal Government of Pakistan presented the Budget 2022-23 yesterday on the floor of Parliament. Finance Minister Mr.Miftah Ismail presented the Pakistan Budget FY 2022-23. All eyes were on the budget and what new will come from the newly made coalition Government for relief. Industrialists, Business Community, and Government employees all were conscious and looking for some good news in the respected sectors.
The middle class of the population works mostly in Government Sectors. They were especially very keen on the Budget 2022-23. A few days before the budget, there were rumors that Government will not increase the salaries as it need prior permission from IMF. Some news was surrounding on the social media that only 5 % salaries will increase. But anyhow finally Mr.Miftah unveil this mystery and finally, employees got good news.
Budget 2022-23 Pakistan Salary Increase by 15 %
The government announced a 15% increase in salary, as well as the income tax slab, which was also revised from 0.6m to 1.2m. Budget 2022-23 Pakistan Pension increase by 5 %. Sales tax on the agriculture machinery was also reduced to zero. No clearance duty for small fishermen in the ports. For small retailers tax amount is fixed from 3000 to 10,000 and tax will be collected through electricity bills.
The Government has issued a revised list of income tax slabs for salaried individuals. Earlier, there were 12 slabs, which have now been reduced to seven. Check below the current slab for Incom tax.
- For income below Rs600,000 per year (below Rs50,000 per month)
- For income of Rs600,000-Rs1.2m per year (Rs50,000 to Rs100,00 per month).
- For income between Rs1.2m-2.4m per year (Rs100,000 to Rs200,000 per month)
- For income between Rs2.4m-3.6m per year (Rs200,000 to Rs300,000 per month)
- For income between Rs. 3.6m -6m per year ( Rs 300,000 to 500,000 per month)
- For income between Rs6m-12m per year (Rs500,000 to 10,00,000 per month)
- For income more than 12m per year (more than 10,00,000 per month)
Budget 2022-23 Pakistan Pension Increase by 5 %
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