Everything You Need to Know About the Federal Budget for 2022-23

According to reports, the Pakistani government announced the budget for the years 2022-23 yesterday. Finance Minister Dr. Miftah Ismail announced the federal budget at the Parliament House in connection with other high-ranking officials of Pakistan. Pakistan’s Prime Minister, Shahbaz Sharif also attended this meeting. Everything You Need to Know About the Federal Budget for 2022-23.

Everything You Need to Know About the Federal Budget for 2022

This year, the federal budget expenditure is set at Rs 9502 Billion. In Parliament House, Dr. Miftah Ismail from the Finance Ministry gave an overview of some of the points discussed. More details are below. Everything You Need to Know About the Federal Budget for 2022-23.

Several Significant Characteristics of the Federal Budget

Be sure to look at the key points discussed in the Parliament house. The details are below.

  • Rs. 17 billion on Utility Stores in FY 23
  • Government employee salaries increase by 15%.
  • FED’s Balance charger is a smart battery system with an improved percentage change from 16% to 19.5%.
  • Import duties increased on cell phones.
  • It has imposed a sales tax on software exports and other types of exports.
  • The Information and Technology sector has Rs. 17 billion set aside for it.
  • when a person who does not file taxes is purchasing a luxury car, the sales tax has been increased from 100% to 200%.
  • For cars worth over 5 million rupees, a capital gains tax is imposed.
  • In light of recent financial changes, the minimum salary of the taxable income has gone up to 1.2 million pesos compared to the original 0.6 million pesos.
  • Income and sales tax charges will be included in small retailers’ electricity bills. Spending range Rs. 3-10K.
  • An initial 100% deduction is allowed for the depreciation of certain commercial buildings and facilities, as opposed to 50%.
  • Properties worth Rs. 25 million or more will pay 1% of rental income in taxes, which equals 5% of the fair market value of the property. This tax won’t apply to homes for personal use.
  • there is a 15% capital gain tax imposed on people who own houses that they sell after they have owned them for under a year.
  • People filing for property transactions can now pay an advance tax of 2% from 1%. For non-filers, the amount increased to 5%.

Everything You Need to Know About the Federal Budget for 2022-23

  • The federal government has announced a program for job seekers called National Youth Employment Policy that is open to young people. For a set number of slots, women will be given preference for positions and jobs.
  • The free laptops will be given out to the students that demonstrate high-quality of character.
  • Fifty-one billion rupees have been set aside for university and college projects.
  • Filmmakers and producers will be provided with tax exemptions for the next five years and be provided with export rebates for movies and dramas for the next 10 years.
  • Banking’s tax was raised to 42% from the current rate of 39%.
  • Those paying their overseas transactions through debit, credit, or prepaid cards are subject to a 1% and 2% withholding for filers and non-filers.
  • Rs. 10 billion is being used to fund climate projects.
  • 5% sales tax on tractors has been lowered to zero.
  • There’s a high sales tax on imports of Sunflower, Canola, Wheat, and Seeds.   

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