Tag: Budget 2022-23
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‘Apologise to the nation for record-high 38% inflation’: PTI wants Dar to resign
A spokesperson for Pakistan Tehreek-e-Insaf (PTI) in a statement on Friday said that they want Finance Minister Ishaq Dar to resign and apologise to citizens for taking the country to the brink of default and unleashing 38 percent inflation. The PTI spokesperson further said that the Economic Survey FY2023 “paints a truly dismal picture of…
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Petroleum levy of Rs50 per liter approved in Finance Bill 2022–23
On Wednesday, the National Assembly approved an amendment to the Finance Bill 2022 that will allow the government to increase the fuel levy to Rs50 per liter. During the National Assembly session held to discuss the amendments to Finance Bill 2022, Finance Minister Miftah Ismail made it clear that the amendment grants the government the…
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Punjab cabinet approves annual budget 2022-23
On Monday, the provincial cabinet adopted the annual budget for the fiscal year 2022-23, as well as yearly development funds. The cabinet passed a Rs 3.226 trillion budget bill for 2022-23 with approval of amended estimates for 2021-22 at a meeting chaired by Punjab Chief Minister Hamza Shehbaz. In addition to raising pensions, the meeting…
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Here are the latest income tax rates and slabs for salaried class
In the budget for fiscal year 2022-23, the government has exempted those earning up to Rs100,000 per month from paying income tax, up from Rs50,000 last year. For the salaried income group, the latest budget is a mishmash as the government reduced tax rates and the number of slabs while eliminating available credit through the omission…
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Getting a new car? Check out the new advance tax imposed on your favourite vehicle
The government has released the fiscal budget for 2022-23, which includes several changes, including a 200 per cent advance tax on the purchase of cars with engine displacements greater than 1600cc for non-filers. This decision is likely to possess a considerable effect on the sales of several cars in Pakistan, which have already witnessed multiple price hikes…
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Govt unveils Rs9.5 trillion budget 2022-23, focused on sustainable growth
The federal budget for 2022-23 has been revealed with a total outlay of Rs9,502 billion. It includes measures for sustainable economic growth, industrial and agricultural development, and aid for the poor ones. Finance Minister, Miftah Ismail began his address by claiming that the PTI administration had left Pakistan’s economy in shambles and harmed investor confidence…
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Direct taxes target predicted at Rs2,560 billion for FY 22-23
In an attempt to meet the Federal Board of Revenue’s (FBR) revenue collection target of Rs7,255 billion for the upcoming fiscal year, the direct taxes target has been predicted at Rs2,560 billion, up from Rs2,182 billion in 2021-22. According to Brecorder, the indirect taxes (net) estimates were predicted at Rs4,695 billion in the macroeconomic framework…
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Coming budget 22-23 will improve Pakistan’s IT sector
Prime Minister (PM) Shehbaz Sharif emphasised the importance of drafting an economic strategy during the day-long Pre-Budget Business Conference on Tuesday, stating that all stakeholders should work together to develop a framework for attaining economic growth. During his speech, the PM stressed the importance of financial management in order to boost exports and agricultural yields.…
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Pakistan’s GDP projected to climb by 5-6 per cent in FY 22-23
Finance Minister Miftah Ismail forecasted that Pakistan’s GDP would expand by 5 per cent to 6 per cent, and that the government would keep inflation under control, while speaking at the pre-budget conference on Tuesday, June 7. The Finance minister expressed his ‘high confidence’ in the agreement with the International Monetary Fund (IMF) and revealed…
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No plan proposed to raise petrol prices at pre-budget seminar, clarifies Miftah
After a tremendous increase of Rs60 in less than a month, Finance Minister Miftah Ismail announced Tuesday that the price of petroleum goods in the country would rise even more. Ismail mentioned in his statement at the one-day pre-budget business conference that if the government had followed ex-prime minister Imran Khan and former finance minister…