Finance Minister Ishaq Dar presented the budget for the fiscal year 2023-24 (FY24) in the National Assembly. The minister said that the government was imposing no new taxes and set the GDP growth at 3.5 percent.
He said that this budget is “not an election budget” and is focusing on the “elements of the real economy”.
No increase in duties on import of essential items.
No new taxes for the upcoming year.
Exemption of customs duties on the import of seeds for sowing to promote growth in the agricultural sector.
Govt provides a whooping increase in salaries, pensions
Withdrawal of capping of the fixed duties and taxes on the import of old and used vehicles of Asian Makes above 1300CC.
Services provided by restaurants including cafes, food (including ice cream), parlours, coffee houses, coffee shops, deras, food huts, eateries, resorts, and similar cooked, prepared, or ready-to-eat food service outlets, etc are proposed to be taxed at 5pc if payment is made through debit or credit cards, mobile wallets or QR scanning.
Grant of exemption of sales tax on contraceptives and accessories.
Minimum wage proposed at Rs32,000; wages of government employees from Grades 1-16 and Grades 17-22 to be increased by 35pc and 30pc, respectively.
Increase in withholding tax rate from 1pc to 5pc on payment to non-residents through debit/credit or prepaid cards.
Exemption of customs duties on import of shrimps/prawns/juveniles for breeding in commercial fish farms and hatcheries.
Rs1 billion allocated for health insurance of working journalists.
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