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