{"id":111302,"date":"2022-06-13T09:45:00","date_gmt":"2022-06-13T09:45:00","guid":{"rendered":"https:\/\/www.zameen.com\/blog\/?p=111302"},"modified":"2022-06-14T04:15:10","modified_gmt":"2022-06-14T04:15:10","slug":"federal-budget-key-highlights","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/blog\/federal-budget-key-highlights.html","title":{"rendered":"A Quick Summary of Federal Budget 2022-23"},"content":{"rendered":"\n<p>Each year the federal government of Pakistan rolls out a financial budget for the upcoming fiscal year, which starts on the 1st of July of the current year and ends on the 30th of June of the next year. Despite a struggling economy, trillions of Pakistani rupees are set aside for the annual budget by the federal government.<\/p>\n\n\n\n<p>The Ministry of Finance has finally announced the forecast of expenditures, revenues, and economic reforms for the upcoming fiscal year in the form of the federal budget 2022-23. Finance Minister Mifta Ismail said that the budget was announced at a difficult time, so the government had to take tough decisions to ensure the country\u2019s economic development and growth during the \u201chard times\u201d ahead.<\/p>\n\n\n\n<p>Now, without further ado, let\u2019s take a look at a quick summary of the federal budget 2022-23 and how it will affect the common man.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Key Highlights of Federal Budget 2022-23<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"640\" src=\"https:\/\/cdn-blog.zameen.com\/blog\/wp-content\/uploads\/2021\/06\/budget-2022-23-1024x640.jpg\" alt=\"budget 2022-23 highlights\" class=\"wp-image-119511\" srcset=\"https:\/\/cdn-blog.zameen.com\/blog\/wp-content\/uploads\/2021\/06\/budget-2022-23-1024x640.jpg 1024w, https:\/\/cdn-blog.zameen.com\/blog\/wp-content\/uploads\/2021\/06\/budget-2022-23-300x188.jpg 300w, https:\/\/cdn-blog.zameen.com\/blog\/wp-content\/uploads\/2021\/06\/budget-2022-23-768x480.jpg 768w, https:\/\/cdn-blog.zameen.com\/blog\/wp-content\/uploads\/2021\/06\/budget-2022-23-640x400.jpg 640w, https:\/\/cdn-blog.zameen.com\/blog\/wp-content\/uploads\/2021\/06\/budget-2022-23-368x230.jpg 368w, https:\/\/cdn-blog.zameen.com\/blog\/wp-content\/uploads\/2021\/06\/budget-2022-23.jpg 1440w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Federal Budget 2022-23: a Quick Summary<\/figcaption><\/figure>\n\n\n\n<p>The federal budget for FY 2022-23 was presented with an outlay of PKR 9.5 trillion. Here\u2019s a quick look at what it entails:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Salaries of the government employees are to be increased by 15%.<\/li><li>There would be no tax for individuals who are earning up to&nbsp; PKR 100,000 per month<\/li><li>Government proposes subsidies on commodities like wheat and sugar.<\/li><li>Taxes on vehicles with engine power over 1,600cc to be increased<\/li><li>The tax rate for pensioners to be reduced to 5% from 10%<\/li><li>Remittances will now be subjected to advance withholding tax.<\/li><li>Taxes on the banking sector are to be increased to 42%.<\/li><li>Families that have a monthly income below PKR 40,000 will be given PKR 2,000 per month.<\/li><li>Households who have a consumption of fewer than 200 units of electricity per month are to be offered loans in easy instalments for the installation of solar panels.<\/li><li>Tax-to-GDP ratio has been set at 9.2%.<\/li><li>A total of PKR 699 billion is set aside for targeted subsidies in the new fiscal year.<\/li><li>A total of PKR 1.52 trillion has been allocated to Defence expenditures.<\/li><li>FBR tax revenue target has been set at PKR 7 trillion.<\/li><li>An additional tax of 2% has been levied on those who earn PKR 30 million annually.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Some Other Noteworthy Changes in Economic &amp; Taxation Policies Announced in Financial Budget FY 2022-23<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"640\" src=\"https:\/\/cdn-blog.zameen.com\/blog\/wp-content\/uploads\/2022\/06\/1440x900-1-3-1024x640.jpg\" alt=\"Changes in Economic and Taxation Policies \" class=\"wp-image-119517\" srcset=\"https:\/\/cdn-blog.zameen.com\/blog\/wp-content\/uploads\/2022\/06\/1440x900-1-3-1024x640.jpg 1024w, https:\/\/cdn-blog.zameen.com\/blog\/wp-content\/uploads\/2022\/06\/1440x900-1-3-300x188.jpg 300w, https:\/\/cdn-blog.zameen.com\/blog\/wp-content\/uploads\/2022\/06\/1440x900-1-3-768x480.jpg 768w, https:\/\/cdn-blog.zameen.com\/blog\/wp-content\/uploads\/2022\/06\/1440x900-1-3-640x400.jpg 640w, https:\/\/cdn-blog.zameen.com\/blog\/wp-content\/uploads\/2022\/06\/1440x900-1-3-368x230.jpg 368w, https:\/\/cdn-blog.zameen.com\/blog\/wp-content\/uploads\/2022\/06\/1440x900-1-3.jpg 1440w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Noteworthy Changes in Economic and Taxation Policies Announced in Financial Budget FY 2022-23<\/figcaption><\/figure>\n\n\n\n<p>Due to the shortage of funds and strict IMF policies to comply with, the federal government has cut down on subsidies and announced reversals in a few taxation policies, impacting key industries.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>There would be a reduction in power sector subsidies. With a decrease of 4.4%, the allocation for power sector subsidies has been kept at PKR 570 billion as compared to the current year\u2019s allocation, which is PKR 596 billion.<\/li><li>Another key announcement in the budget is regarding the reversal of tax and subsidy-related incentives that were announced for the construction and real estate sector in the previous budget.<\/li><li>Owners of more than one immovable property with a value above PKR 25 million shall be paying tax equivalent to 1% of the fair market value of their real estate possessions.<\/li><li>Moreover, the advance tax rate for filers on real estate transactions has also been raised from 1% to 2%. On the other hand, the advance tax rate for non-filers who intend to buy real estate has also been revised and increased to 5%.<\/li><\/ul>\n\n\n\n<p>These were some of the key highlights of the federal budget announced for the 2022-23 fiscal year. So, what do you think about the government\u2019s recently introduced changes in economic and taxation policies? Share your thoughts at <a href=\"mailto:blog@zameen.com\" target=\"_blank\" rel=\"noreferrer noopener\">blog@zameen.com<\/a>. We\u2019d love to know about your point of view on this very important subject.<\/p>\n\n\n\n<p>To read the most informative news updates and<a href=\"https:\/\/www.zameen.com\/blog\" target=\"_blank\" rel=\"noreferrer noopener\"> best real estate blogs in Pakistan<\/a>, head over to Zameen Blog. You can also subscribe to our email newsletter to stay updated with our latest blog posts.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this post, we have put together a quick summary of the federal budget 2022-23 to help you understand how it will affect the common man.<\/p>\n","protected":false},"author":82,"featured_media":111306,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[11053],"tags":[83888,87570,68998,3293,83889,83890,68999,83892,83891],"persona":[38544,32423,36016,32414,32407],"class_list":{"0":"post-111302","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-laws-taxes","8":"tag-federal-budget","9":"tag-federal-budget-2022-23","10":"tag-federal-budget-pakistan","11":"tag-finance-minister","12":"tag-highlights-of-federal-budget-2021-22","13":"tag-key-highlights-of-federal-budget","14":"tag-pakistan-federal-budget","15":"tag-quick-summary-of-federal-budget","16":"tag-quick-summary-of-federal-budget-2021-22","17":"persona-banking-and-finance","18":"persona-budgeting","19":"persona-business-community","20":"persona-laws","21":"persona-taxations","22":"cat-11053-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Federal Budget 2022-23: A Quick Summary | Zameen Blog<\/title>\n<meta name=\"description\" content=\"In this blog, we have put together some of the key highlights of the recently announced federal budget 2022-23. 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