Finance Bill 2023 has been signed by Acting President Sadiq Sanjrani.
The process of approving the budget for the upcoming fiscal year is now complete because Sadiq Sanjrani has authorized it and signed the Finance Bill 2023–24.
It should be remembered that the Finance Bill was adopted by the National Assembly yesterday and then delivered to the President for his signature.
A majority of the National Assembly yesterday adopted the Finance Bill 2023, which included further modifications that imposed 215 billion in new taxes before imposing a federal tax of 14,000 480 billion rupees for the upcoming fiscal year 2023–2024. Budget approval was given.
Asif Ali Zardari, the father of the PPP co-chairman Bilawal Bhutto-Zardari, and leader of the opposition Raja Riaz were also not present.
New taxes worth Rs215 billion
As a result of the budget revisions, the government now hopes to raise an additional Rs215 billion in taxes and reduce spending by Rs85 billion in the upcoming fiscal year, all while maintaining the federal development budget as well as employee pay and pensions.
The government’s revised tax collection target is now Rs9.415 trillion, with total spending at Rs14.48 trillion. The provinces share would rise from Rs5.28 trillion to Rs5.39 trillion.
The budgeted allocation for the Benazir Income Support Program was also decreased for FY24 from Rs450 billion to Rs466 billion. In addition, the per-liter petroleum development tax will increase from Rs50
The budget changes were announced the day following a face-to-face meeting between Prime Minister Shehbaz Sharif and IMF Managing Director Kristalina Georgieva at the Global Financing Summit in Paris.
The ongoing loan program of the Fund, which was formed in 2019, will come to a conclusion on June 30. The ninth evaluation of the $6.5 billion facility, which has been stalled since November, is worth $1.1 billion, and the country has been striving to obtain it.
In addition to the taxes implemented in a mini-budget in the middle of February, Dar proposed fresh revenue initiatives totaling Rs223 billion when he presented the budget on June 9. For the upcoming fiscal year, new tax measures would cost a total of Rs938 billion.
Based on estimated economic growth of 3.5 percent, average inflation of 21 percent, and revenue measures, the government intends to meet a goal revenue increase of 28% for the upcoming fiscal year.