Budget 2023-24, From the Perspective of a Poor Man

On 9 June 2023, Finance Minister Ishaqe Dar presented the second budget of PDM led government declaring it a responsible budget in difficult times.People are reeling under all time high inflation touching the 38% back breaking figure

Current year is also an election year and government is looking towards IMF for bailout pakage. Under such circumstances what relief measures did government give to common for survival. It is important to note that before budget government has slashed petroleum for the ease of people.

Relief Measures in Budget for Ordinary 

PDM led government did not impose new taxes in this budget including incl salaried persons however super tax has been imposed on wealthy people dividing it in three slabs.

Earlier fixed tax was received on 150 million income.

Super Tax

Ishaqe while presenting budget 2023-24 told that super tax has been imposed on rich people dividing it in three slabs.

On 35 to 40 crore annual income 6% super tax will be imposed while 8% tax will be imposed on 40 40 crore annual income. A rich man who earn more 50 crore will give 10% super tax. 

Pay and Pension Increase 

Government has increased the of federal employees by 30 to 35%. Government servants from scale 1 to 16 will get 35% adhoc relief allowance while civil servants from grade 17 to 22 will 30% adhoc relief allowance of their basic pays.

General Sales Tax

Ishaqe Dar didn't increase general sales tax in current which currently at 18%.

It is important to note that general sales tax increase directly comman man which has not been increased by the government. 

Freelancers

Freelancers has been exempted of tax return and sales tax registration 

on upto twenty four thousand dollar exports.

Second Hand Clothes6

Second hand clothes which mostly purchased by comman man are exempted from regulatory duty.

Solar Panels and Batteries 

Government has exempted machinery and raw material used for preparation of solar panels and inverters from customs duty. 

PTI and Budget

PTI PTI Chairman while talking to media men in Islamabad High Court said that who will execute the budget. He further added that amount of interest required to be paid is more than federal budget. PDM had ruined the country there is no way out except to generate more revenue. Imran told that exports have plummeted to lower than 13%.

Hammad Azhar totally rejected the budget while opposition in se 

nate raised voice against budget.