All You Need to Know about Pakistan’s Annual Budget 2023-24-Details in Urdu Language
Federal budget of Pakistan has been announced by minister of Finance for the year 2023-24. No tax has been imposed on government servants rather pay of employees of up to 16 grade has been increased 35%. From grade 17 to 22 30% salary has been increased and pension 17.5% have been increased. Budget is presented in the national assembly. No member of treasury benches can vote against financial bill including budget, otherwise he can be de-seated by speaker and election commission, so it is expected that government will be successful in passing the budget. Senate can just discuss and suggest changes in the budget.
Key Features of Annual Budget of Pakistan 2023-24
As per budget 2023-24 tax holiday has been given to small businesses. Tax has been increased on sports equipment, branded dresses, fans, packed milk, eggs, yogurt, cheese and fish. Everyone can now apply for interest free loan of up to half a million rupees. Laptop scheme has also been launched. Relief has been in given on solar panel, herbal medicines, used clothes and agricultural machinery. Minimum salary has been increased to 32000 rupees.
Up to one million house building finance loan of widows will be paid by govt. 35 billion rupees targeted subsidy will be given in utility stores. Health insurance scheme for artists & journalists has been introduced. BISP amount has been 25% increased. Now EOBI pension will be 10000 rupees. No new tax has been imposed on any sector, just previous taxes have been adjusted.
What is Federal Budget?
The federal budget is the plan for how the central government will spend its tax money over the course of a fiscal year. It includes projections for revenue as well as expenditures across various categories e.g defence, healthcare, education and developmental projects.
How Federal Budget is Prepared in Pakistan?
The federal budget is prepared by the office of finance ministry in collaboration with various government agencies and departments. The process typically begins in the April of each year, when agencies submit budget requests to the finance ministry. The federal finance ministry then works with the cabinet to develop a budget proposal, which is submitted to national assembly of Pakistan for approval and then in senate just for debate purpose. Mean while the federal budget proposal is reviewed by several committees of parliament & after debate & amendments, a final budget is passed by national assembly & signed into law by the President.
Final Words
Below this page we have given all the details about annual budget of central government of Pakistan in Urdu language. It seems to be a balanced budget in the current crisis situation. What is your opinion about it. Please share your views with us.
Annual Budget of Pakistan 2023-24, Key Features in Urdu & English
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