FEDERAL BUDGET 2023-24
� � � Download Pdf version of Budget 2023-24
The government of Pakistan presented budget for fiscal year 2023-24 on Friday. Business Recorder takes a look at some of the key highlights of the documents.
o� � � Economic growth target fixed at 3.5% for fiscal year 2023-24
o� � � Inflation forecasted to average at 21%
o� � � Tax-to-GDP ratio to stand at 8.7%
o� � � Current account deficit to stand at $6 billion by end of fiscal year 2023-24
o� � � Government has allocated Rs1.8 trillion for defense spending
o� � � Rs1.1 trillion earmarked for subsidies
o� � � Rs761 billion allocated for pension
o� � � Government will spend Rs950 billion on account of Public Sector Development Programme
o� � � Rs10 billion earmarked for PM’s Youth Business and Agriculture Loans scheme
o� � � Rs6 billion subsidy announced on imported urea
o� � � Targeted subsidy announced on wheat flour, ghee, pulses and rice
o� � � 35% increase in salaries of government servants of grade 1-16 in the form of ad-hoc relief
o� � � 30% increase in salaries of government servants of grade 17-22 in the form of ad-hoc relief
o� � � Tax free imports of software and hardware by IT and IT enabled services equal to 1% of their exports with a ceiling of $50,000
o� � � No sales tax return by freelancers with exports of $2,000 per month
o� � � Increase in Benazir Income Support Programme allocation from Rs400 billion to Rs450 billion
o� � � Upward revision in pensions and increase in minimum pension to Rs12,000
o� � � Rs10 billion set aside for provisions of 100,000 laptops for students
o� � � Exemption of custom duty on import of raw material for batteries, solar panels and inverters
o� � � Rs22.7 billion earmarked for health sector
o� � � Agriculture credit limit enhanced from Rs1,800 billion to Rs2,250 billion
o� � � Solarization of 50,000 agriculture tube wells through Rs30 billion
o� � � Withdrawal of all duties and taxes on imported seeds, combined harvesters, dryers and rice planters
