Miftah Ismail gives incentives to own industry in federal budget

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