Federal Minister Mr. Miftah Ismail Finally unveiled the Budget 2022-23 on the floor of the Parliament. He said that ” he is feeling proud to present this first Budget of coalition Government”. Our purpose is to not put the burden on the Public. We did our best and within a short period of time Finance Ministry prepared the Budget 2022-23. What is presented in the Budget 2022-23 Speech, Parho Pakistan summaries the key point to understand the pros and cons of this Budget.
- 15% increase in the salaries of the Government employees.
- 10% increase in the Pension.
- Adhoc Relief allowance 2022 @ 15% of Pay.
- Merging of Adhoc Relief allowance into Basic Pay.
- Introduction of Revised Pay Scales 2022 for the employees.
- Income tax slab revised from Rs.0.6m to Rs. 1.2m per year.
- The minimum Tax bracket for small business persons has been raised from Rs.0.4m to Rs.0.6m.
- Sales tax exemption on the import of the solar panels and distribution.
- Exemption of all customs duty on Pharmaceutical ingredients.
- Exemption of tax on the port clearance for small fishermen.
- 10,000 Scholarships for Undergraduate Students.
- issuance of 100,000 laptops on an easy installment plan.
- 500,000 rs. on zero interest rate loan Scheme for Youth.
- Rs. 12 Billion for subsidies for the Sugar and Flour in the Utility Stores.
- Duty exemptions for Five Years on TV equipment and Film material.
- Medical Insurance Scheme for the Artists.
- Rs.364 billion for Benazir Income Support Programme BISP.
- Exemption of customs duty on the Agriculture machinery like Tractors etc.
- FBR Tax collection target set at Rs.7004 bn.
- Rs.1450 billion for Defence Budget.
- Rs. 395 billion for Infrastructure.
- Rs. 364 billion for BISP.
- Rs.65 billion for Higher Education Commission HEC.
- Rs. 525 billion for the Pension fund.
- Rs. 20 billion for the Karachi K4 project.
- Advance tax will be increased on cars above 1600cc.
- 1% advance withholding tax on remittances abroad through Debit/ Credit card for Filers.
- For non-filers, it will be 2%.
- 10 million people will get benefit from BISP.
- Government employees will get 40% less fuel allocation.
- A family with a household income of less than 40,000 PKR will get Rs.2000 per month.
- Rs. 24 billion has been allocated to the Health sector.
- Various withholding taxes will be decreased gradually.
- Tax on the profit of Savings Certificates for Pensioners benefits Accounts and martyrs family welfare accounts has been decreased from 10 percent to 5 percent.
He said that this budget is an Awam-Dost Budget. Our focus was to give maximum relief to the Public. Around 21 billion Rs. allocated for the growth of the Cattle and Crops Sector. Taxes on the seeds and other items used in Agriculture will be reduced gradually. There will be no custom duty on the import of the Agriculture equipment, Machinery. These steps will bring prosperity in the life of farmers.
There was no chanting and shouting during the Budget speech 2022-23 as the main major Political Parties are part of this Government. While the opposition party PTI is out of the Parliament. The budgetary terms will effect from the 1st of July. The results and outcomes of the Budget will come out after a month.
Budget 2022-23 Speech Congratulation to the Government employees on the increase of 15% in the salaries.