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EconomicCrisis🇵🇰Pakistan17d ago

• Budget keeps lender’s targets intact on revenue, deficit, primary surplus • Divisible pool frozen for three years at Rs13.35tr; govt eyes Rs1.9tr fiscal space • Revenue target up 17.6pc after record Rs1.15tr shortfall; defence up 17.7pc to Rs3tr • Salaries, pensions to rise 7pc; minimum wage proposed at Rs40,700 • Super tax scrapped for Rs150m-Rs500m incomes • Social media earnings, traders face new tax measures • Incentives for small EVs; curbs on luxury ones • Petroleum now top non-tax earner at Rs2.034tr ISLAMABAD: Religiously following critical conditions of the International Monetary Fund (IMF) — revenue target, fiscal deficit and primary surplus — to continue fiscal consolidation, Finance Minister Muhammad Aurangzeb on Friday announced a three-year freeze on provincial transfers as the government reallocated resources for security needs and relief measures for the salaried, corporate, real estate and export sectors to revive struggling economic activity. In his third budget — and the fifth of the major coalition partners — the minister also proposed taxes on social media earnings, a fixed tax scheme for small traders and shopkeepers, a higher minimum tax rate for wholesalers and retailers, incentives for small electric vehicles and bikes, and barriers for luxury e-vehicles. Mr Aurangzeb said next year’s budget had been prepared with a clear strategy aimed at increasing productivity and promoting exports.

5.3/10·Dawn (Pakistan)

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