Review of federal and provincial budget targets between Pakistan and IMF
FBR tax collection target maintained at Rs 9415 billion, cut by Rs 97 billion in national non-tax revenue target
61 billion rupees in the federal development program and 115 billion rupees in the development program of the four provinces were reduced.
The federal excise duty target has been reduced from Rs 600 billion to Rs 571 billion and this target has been reduced by Rs 29 billion.
ISLAMABAD ( Web News )
The federal and provincial budget targets for the current financial year 2023-24 between Pakistan and the International Monetary Fund (IMF) have been revised, the FBR tax collection target has been maintained at the level of 9415 billion rupees. Goya, the national target of non-tax revenue was cut by 97 billion rupees, the expenditure of the Federation of Pakistan was reduced by 72 billion rupees, the federal development program was reduced by 61 billion rupees and the development program of the four provinces was reduced by 115 billion rupees. The foreign debt interest payment budget has been increased by 174 billion rupees. Formed as part of the Financial Policies document, it is stated that the FBR’s tax collection target has been maintained at 9415 billion rupees, despite the revision of the targets of individual teams, the target of income tax (direct taxes) is 3884 billion rupees. The target of federal excise duty was reduced from Rs.600 billion to Rs.571 billion and the target was reduced by Rs.29 billion. The target of general sales tax was reduced to Rs.3607 billion. The target of customs duty was reduced from 1324 billion rupees to 1204 billion rupees, the target was reduced by 120 billion rupees, the target of petroleum surcharge was increased from 869 billion rupees to 918 billion rupees. This target has been increased by 49 billion rupees, the target of gas surcharge has been reduced from 69 billion rupees to 66 billion rupees, the target has been reduced by 3 billion rupees, the target of gas infrastructure development cess has been reduced from 40 billion rupees to 30 billion rupees. The target was reduced by 10 billion rupees, the tax collection target of the four provinces was maintained at 868 billion rupees, the government also revised the non-tax revenue targets, the target of non-tax revenue was reduced from 2116 billion rupees to 2019 billion rupees. Granted, the target was reduced by Rs 97 billion, the federal government’s non-tax revenue target was reduced from Rs 1908 billion to Rs 1811 billion, the target was reduced by Rs 97 billion, the provincial non-tax revenue target was maintained at Rs 208 billion. Govt has also revised the expenditure targets, total expenditure has been reduced from Rs 21,590 billion to Rs 21,518 billion, of which Rs 72 billion has been reduced, non-developmental expenditure has been reduced from Rs 19,236 billion to Rs 19. 146 billion rupees and a reduction of 90 billion rupees, the federal government expenditure has been reduced from 14,641 billion rupees to 14,555 billion rupees, a reduction of 86 billion rupees, payment of interest on loans. From 8,614 billion rupees to 8,602 billion rupees and it was reduced by 12 billion rupees, the payment of interest on national debt was reduced from 7,753 billion rupees to 7,489 billion rupees, in which it was reduced by 264 billion rupees, the payment of interest on foreign debt was 822 billion rupees. It has been reduced to 996 billion rupees, 174 billion rupees have been added to it. It has been reduced from Rs to 4591 billion rupees and only 4 billion rupees have been reduced in them. It was reduced from Rs.1325 billion to Rs.115 billion, thus it was decided to reduce the federal budget deficit from Rs.8164 billion to Rs.8152 billion.