ISLAMABAD: The National Assembly on Sunday passed the Finance Bill 2023 with certain amendments to implement the financial proposals for the fiscal year beginning on July 1.
Finance Minister Ishaq Dar presented the bill for the budget with total outlay of Rs14.48 trillion. The budget for FY2023-24 focuses on economic stability, sustainable and inclusive growth as well as curbing inflationary pressures.
The budget envisages highest-ever federal Public Sector Development Programme (PSDP) worth Rs1150 billion. The economic growth of 3.5 percent has been targeted for the next fiscal year. The revenue collection target of FBR has been revised up to Rs9.415 trillion.
The budget encompasses special initiatives for the uplift of agriculture, industries, and IT sectors, besides, relief for various segments of society including the salaried class.
Agriculture credit limit has been enhanced from Rs1,800 billion to Rs2,250 billion. The government has allocated Rs30 billion for shifting 50,000 agriculture tube wells to solar energy. The finance minister said all taxes and duties on import of quality seeds have been abolished.
Under the budget, the IT and IT-enabled service providers have been allowed to import software and hardware equal to one percent of their exports without any tax. The limit of these imports will $50,000 annually.
The budget had earmarked Rs10 billion for the Prime Minister’s Youth Business and Agriculture Loans scheme. The government ha aside Rs1804 billion rupees for defence affairs and services.
The budget also includes 35 percent ad-hoc relief allowance for the employees of grade 1 to 16, while 30 percent ad hoc relief for the employees of scale 17 and above. The pension has been increased by 17.50 percent. The minimum wage has been increased to Rs32,000 rupees from Rs25,000.
