ISLAMABAD    -    Finance Minister Senator Moham­mad Ishaq Dar on Monday said that the government is committed to en­sure that the new budget brings eco­nomic prosperity for all sectors of the economy and ensure distribution of resources equitably among vari­ous sectors. He reiterated the resolve of the Government to provide a busi­ness and people friendly budget.

Ishaq Dar chaired a meeting on budgetary proposals presented by FBR, at the Finance Division. Chair­man FBR Asim Ahmad gave a detailed presentation on budgetary propos­als for the Federal Budget 2023-24 which were discussed in detail. The federal government has already an­nounced its annual budget 2023-24 on June 9. An official informed that the government is considering vari­ous options for broadening of tax and increasing tax collection target in the next fiscal year without putting addi­tional burden on the existing taxpay­ers. The government, he said, might continue with the super tax on the rich and affluent class. The FBR is also reviewing Federal Excise Duty (FED) structure on juices and aer­ated water in the upcoming budget 2023-24. Under the “mini-budget”, the government has imposed 10 per­cent excise duty on juices/squashes, raised 13 to 20 percent FED on aer­ated water. However, the addition­al duty had reduced sales. Under the proposed measures, the government is also contemplating to impose withholding tax on cash withdrawal and banking transactions. In the up­coming budget 2023-23, the federal government might set the tax collec­tion target at Rs9.2 trillion as against Rs7.6 trillion of the outgoing year.

On the occasion, Minister for States for Finance and Revenue Dr. Ayesha Ghous Pasha, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pa­sha, Chairman RRMC Ashfaq Yousuf Tola, Secretary Finance, Chairman FBR, and other senior officers from Finance Division and FBR attended the meet­ing. Earlier, the Finance Minister held a meeting with the Speaker National As­sembly Raja Pervez Ashraf. Ishaq Dar assured to take every possible step for provision of relief to the masses in the next budget. He said the economic team is tirelessly working to put the econo­my on the growth path. The Speaker appreciated the efforts of the Finance Minister and his team for economic sta­bility. He said political stability is imper­ative for economic stability. Raja Pervez Ashraf said the coalition government’s decision to reduce the prices of petro­leum products regardless of economic difficulties, is a welcome step.