ISLAMABAD: Pakistan Tehreek-e-Insaf (PTI) leader and former federal minister Hammad Azhar pointed out that finance minister Miftah Ismail has given incentives to own industry in the federal budget for FY2022-23, ARY News reported on Friday.
Hammad Azhar said in a Twitter message that finance minister Miftah Ismail announced an increase in the sales tax on fertiliser from 2% to 10% and a hike of 5% to 10% was made on natural gas but there was a reduction of duties on the import of flavouring powders for food preparation for snacks manufacturers.
READ: Rs9.5 trillion budget presented for FY 2022-23
Sales Tax on FERTILISER increased from 2% to 10%
Sales Tax on natural gas IS INCREASED FROM 5% to 10%
BUT
Reduction of Duties on import of Flavouring Powders for food preparation for Snacks Manufacturers.
SubhanAllah
— Hammad Azhar (@Hammad_Azhar) June 10, 2022
Commenting over his tweet, former federal minister Shireen Mazari wrote, “Miftah clearly guilty of conflict of interest!.”
Miftah clearly guilty of conflict of interest!
— Shireen Mazari (@ShireenMazari1) June 10, 2022
FEDERAL BUDGET 2022-23
The federal budget 2022-23 has a total outlay of 9502 billion rupees has been announced, encompassing measures for what the government termed ‘sustainable economic growth, industrial and agriculture development and relief for the poor people’.
READ: BUDGET 2022-23: FULL TEXT OF MIFTAH ISMAIL’S SPEECH
Major points and announcements
- Remittances target 33.2 billion PKR
- GDP growth target set at 5 per cent
- Inflation to be brought down at 11.5 per cent
- FBR Revenue Target at 7004 billion PKR
- Non-Tax revenue target at 2000 billion
- Import target at USD 70 billion
- Export target at USD 35 Billion
- End of 8 percent withholding tax on distributors, producers
- Advance tax will be increased on cars above 1600cc
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