Federal Finance Minister Ishaq Dar presented the Budget 2023-24 in Parliament on Friday. At first, he examined the economic developments of the previous government and compared the policies applied during that period.
Current account and trade deficit:
Minister Ishaq Dar said the current account deficit would be reduced from $17.5 billion to $4 billion. He added: By stopping the import of luxury goods, the trade gap has decreased by 26%.
International Monetary Fund:
Dar said the country had avoided default and ongoing negotiations with the International Monetary Fund (IMF). The government is trying to meet the demands of international financial institutions and hopes to reach a staff-level agreement soon.
The government proposes a generous tax rate of 0.25% on IT exports. This service is available until June 30, 2026. The federal government has exempted freelancers from paying $24,000 in sales tax, which is a big relief. He added that the government plans to train 50,000 IT specialists this year.
Agriculture: help farmers
The federal government has increased the loan amount to farmers from One thousand eight hundred rupees to Rs.2,250 billion, and he revealed Rs. Fifty billion has been set out to convert 50,000 tube wells to solar panels. Moreover, he added: The government has eliminated all taxes and tariffs on seedlings. Moreover, Dar also announced removing all tariffs and duties on combine harvesters. In his budget speech, the Finance Minister also mentioned Rs.10 billion would be set aside for loans to small farmers.
BISP: Budget 2023-24
In a statement on the BISP programme, he said that the amount for oppressed people has been increased from Rs.460 billion to Rs. 450 billion. Moreover, The government spent Rs. 26 billion on Utility Stores Corporation and noted the accomplishments of cutting record POL prices in the recent month. He said: 12 billion dollars of foreign loans were repaid to foreign investors according to the plan.
Empowerment and entrepreneurship of women:
The federal government promised Rs.5 billion to develop the skills of women entrepreneurs. In addition, the government has allocated Rs 5 billion for the Prime Minister’s Youth Skills Program. Dar said the government has extended existing tax exemptions for real estate investment trusts (REITs) until June 30, 2024.
Diamond card for foreigners:
Budget 2023-24- The government has abolished the final 2% tax on property purchases with overseas remittances. Ishaq Dar said overseas Pakistanis would be granted a “diamond card” that would give them an unrestricted gun permit, free passport and priority access to Pakistani embassies and consulates, fast-track immigration, and you will be able to win big prizes through a lucky draw.
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