Federal Board of Revenue (FBR) Chairman Asim Ahmad has said that Rs200 billion in additional taxes were imposed in the budget 2023-24.
Finance Minister Ishaq Dar unveiled the federal budget 2023-24 today with a total outlay of Rs14,460 billion.
The FBR chairman confirmed that direct taxes worth Rs175 billion and Rs25 billion indirect taxes were imposed in the budget. The withholding tax was increased on debit and credit cards over their use in foreign countries.
For non-filers, 10 per cent withholding tax will be imposed in the foreign countries, whereas, 5 per cent will be imposed on filers. Ahmad said that it was recommended to restore 0.6% WHT on non-filers for cash withdrawal.
Additionally, it was recommended to impose an Rs200,000 annual advance adjustment tax on foreign domestic servants. The FBR chairman added that the import duty limit has ended on above 1300cc Asian cars.
Federal Minister for Finance and Revenue Senator Ishaq Dar on Friday presented the federal budget for Fiscal Year 2023-24 with a total outlay of Rs14.5 trillion.
Ishaq Dar maintained that the Pakistan Democratic Movement (PDM) government was taking ‘corrective measures to bring the economy back on track’ after the PTI disaster. “By the help of Almighty Allah, the government saved Pakistan from getting default and exposed conspiratorial elements,” he added.
“Current account deficit decreased drastically during the fiscal year 2022-23,” he said, adding that the incumbent government adopted “austerity measures” to reduce the deficit.”
“The current government significantly reduced unnecessary expenditure”, the minister said, adding that despite a huge increase in interest payments, the fiscal deficit was decreased.
Ishaq Dar noted that the “PTI’s selected government prioritised political interests over national”, adding that the people of Pakistan know who “tried to save the country and who pushed it towards destruction”.
The finance minister pointed out that the country has faced major economic problems due to floods.