HomeBusinessThe size of the federal budget will be 18 thousand billion rupees

The size of the federal budget will be 18 thousand billion rupees

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ISLAMABAD: The federal budget of about 18,000 billion rupees will be presented in the parliament on Wednesday In the budget, the salary of government employees is expected to increase by 10 to 15 percent, while the target of tax collection is 12.9 trillion it is estimated that sources , interest and debt payments in the budget at Rs 9.5 trillion, an allocation of Rs 800 billion for subsidies in the energy sector and federal tax revenue of about Rs 12.9 trillion Although the initial estimate of non-tax revenue is 2100 billion rupees and the expected target of collecting more than 1050 billion rupees from the petroleum levy. The news is also that the next federal government has made a principled decision to increase the retirement age of government employees to 62 years in the next financial year 2024-25 and to introduce comprehensive pension reforms to reduce the burden of the pension bill on the national scheme. treasury
Under the pension reforms, introduction of India-style voluntary contributory pension system for newly recruited employees, retirement pension for 20 years instead of life, family pension period of employees from 10 to 15 years and daughter’s pension It is also likely to get abolish it and commute less On the other hand, in order to get an additional revenue of Rs petroleum products in the initial period Expected revenue of Rs billion. which is expected from the removal of sales tax exemption to generate additional revenue of billions of rupees, but it will also increase inflation The increase is feared because it is opposed by some circles while the proposal to increase the import duties by one the cent for commercial importers is also considered. The additional income has been estimated and this is what the IMF demands, the IMF has demanded to double the number of income tax filers to more than 6 million and to bring in the businessmen to the income tax net in any case decide to end all tax exemptions that full sales tax will be levied on agricultural products, seeds, fertilizers, tractors and other equipment According to sources, food, medicine, stationery A 10 per cent sales tax has also been proposed, and in the national budget 2024-25, it has been recommended to end the tax exemption given to small and medium-sized businesses according to sources, including increasing tax duties on imported goods, the budget includes food It was proposed to end the sales tax exemption on the item that the proposals to increase the tax withholding rate, sales tax exemption, duties have been completed.

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