The government is dedicated to ensuring that the 2023-24 budget promotes economic prosperity to all sectors of the economy and ensures equitable resource allocation among various sectors, according to Finance Minister Senator Mohammad Ishaq Dar on Monday.
He reaffirmed the government’s commitment to presenting a budget that is both business- and populace-friendly.
Finance Minister Senator Mohammad Ishaq Dar chaired a meeting on budgetary proposals at Finance Division today and reiterated the resolve of the Government to provide a business and people friendly budget 2023-24. pic.twitter.com/adAOkncVCZ
— Ministry of Finance (@FinMinistryPak) May 22, 2023
A meeting on budgetary suggestions submitted by FBR was presided over by Ishaq Dar in the Finance Division. A thorough presentation on the fiscal proposals for the Federal finances 2023–2024 was given by FBR Chairman Asim Ahmad.
On June 9, the federal government released its annual finances plan for 2023–24.
Possibilities in Upcoming Budget
An official said that the government is studying a number of possibilities for expanding taxation and raising the objective for tax collection in the upcoming fiscal year without adding to the load on current taxpayers.
He suggested that the government might keep levying a super tax on the wealthy and powerful. In the forthcoming finances for 2023–2024, the FBR is also reconsidering the Federal Excise Duty (FED) system on juices and aerated water.
The government increased the FED on aerated water from 13 to 20 percent as part of the “mini-budget,” which also included a 10 percent excise charge on juices and squash.
The additional duty had, however, resulted in lower sales. The administration is considering including a withholding tax in the planned measures for cash withdrawals and banking transactions.
The federal government may set the tax collection target in the upcoming finances for 2023–24 at Rs. 9.2 trillion as opposed to Rs. 7.6 trillion in the previous year.
To read our blog on “On property, Govt. wants to put high taxes in 23-24 budget,” click here.
