Federal Budget 2023-2024
Federal Finance Minister Ishaq Dar Presented the budget 2023-24 in the parliament house today at 4:00 PM. The size of the federal budget will be 14500 billion.
ٖFederal Govt allocated 41.5 billion for Physical Planning and Construction. For Infrastructure 491.3 billion rupees. For Water resources, 99.8 billion rupees are allocated.
ٖFederal Cabinet approved 1150 billion in funds for the Federal development program ( PSDP). The Federal Government of Pakistan allocated 81.9 billion funds for Education and Higher Education departments.
For the health department, 22.8 billion are allocated. For the Energy sector, 86.4 billion funds are approved by the Federal cabinet. For transportation & Communication, 263.6 billion are allocated.
For Ex-FATA, AJK, and Gilgit Baltistan 60.9 billion funds are planned to be reserved in the Budget 2023. For the awareness and control of diabetes, the Prime Minister’s National diabetes program will start. 50 million rupees allocated for this program. For Islamabad cancer hospital 100 million funds is allocated.
Salary Increase by 35%
Federal Cabinet approved an increase of 35% in salaries for employees from Grades 1-16. For grades 17 and above a 30% increase in salary is approved.
Pension Increases by 17.5%
Federal Government approved an increment of 17.5% in the pension of Government employees. Minimum wages in ICT will be Rs. 30,000.
Income Tax on Annual Income
10 % super tax on Banking Sector will remain the same. Individuals having an annual income of 15 Crores will pay the 1% super tax. That income is 20 Crores per annum and will pay 2% super tax. 25 Crores income per annum will pay 3% super tax.
Tax on imported machinery and pet foods will increase. Duty on imported mobiles with a value of more than 100 USD will also increase.
Tax on Luxury & Local Cars
There is a proposal to increase the tax on luxury cars. While the tax on local cars and motors will be according to the value.
Sales Tax on Commodities & Daily Use Items
Tax on imported and branded makeup items also increased. Sales tax on baby milk will be 10%. Packed Chicken sales tax will be 18%. The daily use commodities sales tax also will be 18%.
Sales tax on tea, sugar, Jam, and Jelly will be 18%. The sales tax rate on Soap, Washing Powder is also 18%.
- What is the Budget for 2023-24 in Pakistan?
The size of the federal budget is 14500 billion.
- What is the increase in Pay in Budget 2023?
An increase of 30-35% is approved by Federal Cabinet. For Grades 1-16, 35% increase and 30% for Grade-17 and above.
- What will be the minimum wage in Pakistan after the Budget?
The minimum wage will be Rs. 30,000/- under ICT.