ISLAMABAD: Finance Minister Senator Muhammad Ishaq Dar is presenting the new budget for 2023-24 in the National Assembly at 4pm today.
Dar will unveil the budget in the Parliament soon after its approval from the federal cabinet which is holding its meeting at 3pm today.
The development spending is expected around Rs1.15 trillion while economic growth target is 3.5 percent for 2023-24.
Finance Minister Senator Muhammad Ishaq Dar is presenting Rs 14.7 trillion new budget in the National Assembly for the fiscal year 2023-24.
In the new budget, the government has projected fiscal deficit around 7 percent of the GDP.
Meanwhile, the government set the Federal Board of Revenue tax collection and non-tax revenue targets
Tax Collection Target Rs 9.2 trillion for 2023-24
Non-Tax revenue collection target Rs 2.7 trillion
Total Revenues Rs 11.9
To achieve the non-tax revenue target, the federal government is amending the finance bill to enhance the petroleum development levy (PDL) from existing Rs 50 per liter to Rs55-60 per liter.
This will enable the government to mop up Rs 870 billion massive non-tax revenue just from the PDL in 2023-34 budget, starting from July this year. For the outgoing fiscal year, the revised estimate of PDL collection is Rs550 billion.
Hence, in 2023-24, the government will try to raise Rs 320 billion additional revenue through increase in the PDL rate.
The lack of credibility of the budgetary numbers will continue haunting the economic managers because they will keep changing during the course of the financial year.
