Pakistan Budget 2022-23 put on the floor of Parliament all u need to know about Budget FY 2022-23 is described in detail in the below post.
Finance Minister Mr. Miftah Ismail unveil the budget for 2022-23 on the house floor. What is new in this budget takes a flash with Parho Pakistan.
For infrastructure e 51 billion keep in the budget. For the Karachi k4 project, 20 billion reserves. Most of the funds from infrastructure will be spent in Balochistan.
For the agriculture sector, 11 billion Rs keep in the budget. A suggestion to eliminate custom duty on the agriculture machinery like tractors and other types of equipment. 21 billion will spend to increase the cattle and crops industry.
Higher education commission
65 billion kept for HEC and 44 billion for HEC development schemes.10 thousand scholarships for Undergraduate students.1 lac laptop will be given to the students on easy installment plans.
The industrial feeder will be exempted from load shedding. Import of solar panels and distribution will be tax-free. The suggestion is to eliminate the tax on imported solar panels and their distribution.
Income tax limit
The income tax slab will be revised from 6 lac to 12 lac per annum. income tax will impose on those whose income is 12 lac per annum.
Withholding tax also will be decreased gradually. More tax will be imposed on rich people.
Tax on international transactions through debit/ credit card
1 percent will be charged as a tax for filers if they send money through debit/credit card out of the country.2 % will be for the nonfilers. However, this tax will be adjustable against the person’s total tax.
Tax on small retailers A wide range of tax systems will be introduced for small retailers. The tax amount will be fixed from 2k to 10k for small retailers. This tax will be adjusted through the electricity bills.
Tax on Property
If someone will buy a house or property with a value of 2.5 million he has to pay 5% tax. But this tax will be imposed if the person has the property other than his living house. one house will be exempted.
Salaries Increase by 15 %
The Government announced an increase of 15% in salary as well as ad-hoc allowances and medical allowances. Adhoc relief allowance 2022 @ 15% of pay. Merging of Adhoc relief allowance into basic pay. Introduction of Revised pay Scales 2022 for employees.