FBR tax target increased 23 percent

Finance Minister Ishaq Dar during the budget speech said that the tax collection target for the Federal Board of Revenue (FBR) has been set at Rs9,200bn.

It is pertinent to note that this is 23pc higher than last year’s target.

On the other hand, the fiscal deficit, or overall budget deficit, which is the difference between the government’s total expenditure and revenue is calculated under the following method.

Rs1 billion allocated for health insurance of working journalists

Govt provides a whooping increase in salaries, pensions

To measure the fiscal deficit: Gross Revenue at Rs12,163bn (minus) Transfer to Provinces Rs5,276bn (plus) Provincial Surplus Rs650bn (minus) Total Expenditure Rs14,460bn.

For FY23, the overall deficit is budgeted at Rs6,923bn, which is 82pc higher than last year’s Rs3,797bn.

This year, the fiscal deficit is 6.54pc of the GDP. Last year, the deficit was 4.9pc of the GDP.

Ishaq Dar unveils pro-people budget with no new taxes

Kidney Center Gujrat