Miftah Ismail presenting budget for 2022-23 in National Assembly

ISLAMABAD: Finance Minister Miftah Ismail is presenting the budget for the fiscal year 2022-23 (FY23) in the National Assembly. Repeating the previous pattern, he started by lashing out at the PTI government and criticised the steps taken by Imran Khan’s government.

The total outlay of the budget is Rs9.5 trillion, one trillion greater than last year. Miftah said, for the upcoming year the growth target is set at 5 per cent. He added that the government was keen to keep the inflation at 11.5pc next year.

Important Targets for FY 23
Remittances: Rs33.2 billion
GDP growth: 5 per cent
Inflation: 11.5 per cent
FBR Revenue: Rs7004 billion
Non-Tax Revenue: Rs2000 billion
Import: $70 billion
Export: $35 Billion
Interest-free loans for youth up to Rs500,000
Withholding tax of 8pc lifted on distributors, producers

The profit rate, on national saving schemes, decreased from 10pc to 5pc.

Important Allocations for FY23
Defence: Rs1450 billion
Targeted subsidy: Rs699 billion
Benazir Nashunuma Program: Rs21 billion
PSDP: Rs800 billion

This is a developing news, and more updates to follow.

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