The chairman of Pakistan Tehreek-e-Insaf (PTI), a former federal minister, said that the federal budget for FY2022-23 includes incentives for the private sector.
Hammad Azhar said in a tweet that the finance minister, Miftah Ismail, had said that the sales tax on fertiliser would go up from 2% to 10% and that the sales tax on natural gas would go up from 5% to 10%. However, snack makers would be able to import flavouring powders with lower customs fees.
Sales Tax on FERTILISER increased from 2% to 10%
Sales Tax on natural gas IS INCREASED FROM 5% to 10%
BUT
Reduction of Duties on import of Flavouring Powders for food preparation for Snacks Manufacturers.
SubhanAllah
— Hammad Azhar (@Hammad_Azhar) June 10, 2022
Former federal minister Shireen Mazari wrote in response to his post, “Miftah is certainly guilty of conflict of interest!”
Miftah clearly guilty of conflict of interest!
— Shireen Mazari (@ShireenMazari1) June 10, 2022
FÉDÉRAL BUDGET 2022-23
The federal budget for 2022–23 has a total outlay of 9502 billion rupees and includes initiatives for‘sustainable economic growth, industrial and agricultural development, and alleviation for the needy,‘ as described by the government.
Major points and announcements
- Remittances target 33.2 billion PKR
- GDP growth target set at 5 per cent
- Inflation to be brought down at 11.5 per cent
- FBR Revenue Target at 7004 billion PKR
- Non-Tax revenue target at 2000 billion
- Import target at USD 70 billion
- Export target at USD 35 Billion
- End of 8 percent withholding tax on distributors, producers
- Advance tax will be increased on cars above 1600cc
