Thursday, August 18, 2022

The federal government will present the budget for the new financial year 23-2022 in the National Assembly today

The federal government’s budget for the new fiscal year 23-2022 will be presented in the National Assembly today.

Federal Minister for Finance Muftah Ismail will present the budget for the new financial year 23-2022 in the National Assembly. The budget presented by the federal government is likely to have a total volume of Rs 9,500 billion. The Federal Board of Revenue (FBR) is likely to be given a target of Rs 7,255 billion in tax collections.

According to sources, Rs 1,535 billion has been proposed for defense budget, Rs 3,523 billion for debt and interest payments, Rs 530 billion for pensions and Rs 578 billion for subsidies. The GDP (economic growth) target is proposed at 5% which will be increased to 6%.

Sources said that in the next budget, the salaries of government employees are likely to be increased by 10 to 15 percent while other allowances including convention allowance and medical allowance are also proposed to be increased.

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