The National Assembly on Sunday approved the federal budget for the upcoming fiscal 2023-24 as Pakistan tries to secure the crucial International Monetary Fund (IMF) in a final effort to clinch a much-delayed rescue package.
Under the Finance Bill 2023-24, which was approved with a majority vote, the tax collection target has increased from Rs9,200 billion to Rs9,415 billion and pension payment increased from Rs761 billion to Rs801 billion.
Moreover, under National Finance Commission (NFC), instead of Rs5,276 billion, Rs5,390 billion will be received.
Rs215 billion new taxes are also imposed under the Finance Bill’s further amendment and the Benazir Income Support Programme (BISP) budget has been increased from Rs450 billion to Rs466 billion.
The federal development budget is allocated at Rs950 billion.
A total of nine amendments were introduced in the Finance Bill 2023-24 – eight of the government while one of the opposition – and all were approved.
