The National Assembly on Wednesday passed the Finance Bill 2022, giving legal effect to budgetary proposals for the next fiscal year.
It was moved by Minister of State for Finance Aisha Ghaus Pasha.
Having a total outlay of 9502 billion rupees, the budget 2022-23 encompasses measures for sustainable economic growth, industrial and agriculture development and relief for the poor people.
The budget envisages Federal Public Sector Development Programme (PSDP) OF 800 billion rupees for the next fiscal year. It has been centered on improvement in sectors such as water resources, transport and communication, energy, higher education, health, science and technology, and balanced regional development.
699 billion rupees have been set aside for targeted subsidies to extend benefit to deprived segments of the society.
The budget of Benazir Income Support Program has been increased to 364 billion rupees. In addition, 12 billion rupees have been allocated for the provision of subsidy on essential commodities through Utility Stores Corporation.
The salaries of government employees have been increased by fifteen percent along with a merger of adhoc allowances.
As regards taxation, the government has levied super tax on affluent class in order to reduce the budget deficit and take the country towards economic sovereignty.
According to the amendments introduced in the finance bill 2022 and approved by the National Assembly today, there will be no tax on those earning less than six hundred thousand rupees.
Those earning between over six hundred thousand rupees and 1.2 million rupees will have to pay tax at the rate of 2.5 percent on the amount exceeding six hundred thousand rupees.
Earlier, responding to the concerns of the opposition members on the finance bill, Minister of State for Finance Aisha Ghaus Pasha said relief has been provided to the deprived segments of the society in the budget for next fiscal year.
She said it is the first time that the most number of recommendations of the Senate has been incorporated in the finance bill.
Taking the floor, Foreign Minister Bilawal Bhutto Zardari said the PPP has always led the struggle for democracy, free and fair elections and for the economic rights of the people.
He said his party strongly believes in transparent elections. He said the PPP will also secure victory in the second phase of Sindh local government elections to be held in a month’s time.
The House also approved thirty nine supplementary demands for grants pertaining to different departments and ministries for the outgoing fiscal year.
These were moved by Minister of State for Finance Aisha Ghaus Pasha.
Supplementary demands for grants for the fiscal years 2020-21, 2019-20 and 2018-19 were also approved by the House.
Speaker National Assembly Raja Pervaiz Ashraf commended comprehensive discussion on the budget for the next fiscal year. He also recognized the contributions of the staff of parliament house as well as that of other departments who performed duties in the parliament house during the budget session. He assured that the commitment of honoraria will be fulfilled.
The house has now been prorogued.
Source: Radio Pakistan