Business News
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Debt mark-up to swallow Rs3.9 trillion | The Express Tribune
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[ad_1] ISLAMABAD: The mark-up on domestic and foreign debt will eat up Rs3.9 trillion out of the total current expenditure of Rs8.69 trillion in next fiscal year 2022-23. Pakistan’s interest payments on foreign and domestic debt will further increase due to the increase in loans. The federal government has projected that it will spend Rs3.95…
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Rs727b earmarked for development | The Express Tribune
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[ad_1] ISLAMABAD: The coalition government on Friday unveiled an election year development programme of 1,173 schemes but with allocation of only Rs727 billion, which would slow down work on the existing schemes and extend the completion period of new projects. The allocation of Rs727 billion for the Public Sector Development Programme (PSDP) 2022-23 is only…
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Power sector to get major chunk of subsidies | The Express Tribune
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[ad_1] ISLAMABAD: The government has increased subsidy allocation to Rs699 billion in the federal budget for next fiscal year 2022-23, beginning July, of which a major chunk will go to the power sector. For the ongoing fiscal year 2021-22, the government had earmarked Rs682 billion for subsidies in the federal budget. However, the actual subsidies…
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Finance Minister Miftah Ismail addresses post-budget conference | The Express Tribune
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[ad_1] Finance Minister Miftah Ismail is addressing the post-budget conference, a day after the government presented a Rs9.5 trillion inflationary budget amid a daunting challenge to meet ambitious targets. The new budget for the fiscal year 2022-23 provides solace to the salaried class whose tax burden has been significantly lessened in addition to 15% increase…
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Govt focusing on fiscal consolidation, relief to masses: Miftah | The Express Tribune
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[ad_1] Finance Minister Miftah Ismail on Saturday said the target of next year’s budget is fiscal consolidation and providing relief to the masses, a day after the government presented a Rs9.5 trillion inflationary budget a day earlier to meet ambitious targets. The new budget for the fiscal year 2022-23 provides solace to the salaried class whose tax…
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Govt eyes Rs740b in additional taxes | The Express Tribune
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[ad_1] ISLAMABAD: The coalition government on Friday proposed slapping Rs740 billion in additional taxes, targeting commercial banks, real estate, retailers, foreign assets of Pakistanis, commercial importers and consumers of petroleum products. Of Rs740 billion, Rs300 billion will be generated through the single largest measure – increase in petroleum levy rate from Rs30 to Rs50 per…
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Govt revises taxable income limit to Rs100,000 | The Express Tribune
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[ad_1] KARACHI: The coalition government has doubled the limit of exemption from income tax imposed on earning for the salaried individuals to Rs100,000 per month with effect from July 1, 2022 — increasing it from the earlier Rs50,000 per month. Besides, it has cut the income tax rates on earnings of more than Rs100,000 per…
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Experts, industrialists shed light on coalition govt’s budget for FY23
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[ad_1] Representational image. — Unsplash The Shehbaz Sharif-led government has unveiled a Rs9.502 trillion “tough” but “progressive and relief-oriented” budget for next fiscal year 2022-23 as it seeks to stabilise the country’s economy. The proposed budget focused on fiscal consolidation to curtail overall deficit, prioritising practical austerity measures along with strategies to enhance tax-to-GDP (gross…
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Sigh of ‘relief’: Salaries increased by 15pc, pensions by 5pc | The Express Tribune
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[ad_1] ISLAMABAD: As inflation continues to burden the public, who look towards the coalition parties to deliver on their promises, the federal government on Friday announced a 15 per cent increase in the salaries of public sector employees while also increasing the pension of retired employees by 5 per cent. This increase is a part…
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Defence budget up by 2.7% amid economic crunch | The Express Tribune
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[ad_1] ISLAMABAD: The federal government has proposed a 2.69 per cent increase in the defence budget as Pakistan is facing an economic crunch and thus resorting to unpopular measures to avoid a potential default. The budget document on Friday showed that the defence outlay for fiscal year 2022-23 would be Rs1,523 billion as compared to…
