Friday, 10 June 2022

Federal budget of Rs. 9502 billion presented for the new financial year


Federal budget of Rs. 9502 billion presented for the new financial year

According to Express News, the National Assembly session began under the chairmanship of Speaker Raja Pervez Ashraf. Finance Minister Muftah Ismail presented the budget in the meeting.

Target of tax collection 7004 billion allocated

According to Finance Minister Muftah Ismail's budget speech, non-tax revenue in the budget will be Rs 2,000 billion, tax revenue target is Rs 7004 billion, provinces will get Rs 4,100 billion under NFC award. A budget of Rs. 6 billion has been allocated for this.

Charity hospital tax deduction

According to the budget speech, tax disputes will be resolved on priority basis. If the charitable hospital has more than 50 beds, then full tax exemption will be given.

Sales tax on agricultural implements and commodities abolished

Revolutionary measures have been decided to increase domestic production of edible oil. It is proposed to refund sales tax on supply of seeds of various commodities including tractors, agricultural implements, wheat, maize, canola, sunflower and rice.

Sales tax on solar panel imports abolished

According to the finance minister, concessions are being given to alleviate energy shortage, and sales tax on import of solar panels and local supply has been abolished. Those using less than 200 units of electricity will be given easy installment loans from banks to purchase solar panels.

Tax abolished up to one lakh monthly salary

According to the budget speech, the tax exemption limit for the salaried class has been increased from 600,000 to 12 million. The tax exemption limit for business people and the Association of Persons has been increased from 400,000 to 600,000. The tax rate for non-filers has been increased from 100% to 200%.

Reduction in tax on savings schemes

Tax on profits of savings schemes including pensioners, welfare certificates has been reduced from 10% to 5%.

Read this: Federal Cabinet approves budget, 15% increase in salaries

Taxes from retailers will be collected on electricity bills

A fixed tax system has been introduced for retailers. Taxes will be collected along with electricity bills. The tax rate will be Rs 3,000 to Rs 10,000. The FBR will not ask traders further questions.

Federal budget of Rs. 9502 billion presented for the new financial year


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