As a result, the BISP proposed budget has been increased from Rs450 billion to Rs466 billion. Dar announced raising a further Rs215 billion in new taxes and a net Rs85 billion cut in expenditures to shrink fiscal deficit, which he proposed on June 9 while unveiling the Rs14.6 trillion budget. Another government functionary said that Rs30 billion additional taxes will be recovered from the salaried and the non-salaried individuals in the next fiscal year. The minister said the revenue collection target for the FBR was increased from Rs9.2 trillion to Rs9.415 trillion. The share of the provinces would be increased to Rs5.39 trillion from Rs5.276 trillion, he added.

Source: The Express Tribune June 24, 2023 18:19 UTC