ISLAMABAD: The Federal Budget for 1973-74, presented to the National Assembly today [June 9], by Finance Minister Dr Mubashir Hasan, shows a gross revenue receipt of Rs 941.59 crore as compared to the revised estimates of Rs 842 crore for the current year. This represents an increase of about 14 per cent.

Of this increase of Rs 100 crore, adjustments in various taxes and duties ... will yield Rs 60 crore during the next financial year. The Budget does not impose any direct tax. Taxes are imposed in the form of export duties. Several items are included in this scheme. ...[T]here is relief for export industries, especially the carpet industry, so that they can play an increasing share in the plan to boost exports.

While the structure of income and corporate taxation remains unchanged, the Budget raises the minimum income liable to taxation from Rs 6,000 to Rs 9,000. Remittances from Pakistanis have also been taken out of the pale of Income Tax. Customs, followed by Central excise and sales tax, will account for improvement in the tax receipts... . Taxes on income are expected to yield Rs 105.50 crore.

Published in Dawn, June 10th, 2023

Opinion

Editorial

Faizabad redux
Updated 02 Oct, 2023

Faizabad redux

TLP was allowed to flourish despite its virulent ideology, recurrently causing immense embarrassment for Pakistani authorities in later years.
Exporting beggars
02 Oct, 2023

Exporting beggars

A RECENT revelation by the Senate Standing Committee on Overseas Pakistanis during a briefing to the Senate has...
Brutalising society
02 Oct, 2023

Brutalising society

THE Senate Standing Committee on Interior passed a bill last week with a majority vote that favoured the public...
Massacre again
Updated 01 Oct, 2023

Massacre again

If this monster is not vanquished at this stage, it will create a security nightmare of significant proportions.
A refuge no longer
01 Oct, 2023

A refuge no longer

SEPTEMBER has seen an alarming rise in the rounding up and detention of Afghan refugees. Pakistani authorities cite...
Whither justice?
01 Oct, 2023

Whither justice?

THE challenge is to ensure bestial tragedies are remembered. Two cases of femicide, involving men from Pakistan’s...