BUDGET 2022-23: Government to limit dollar purchase to $10,000/monthBreaking

June 16, 2022

The government has decided to limit the buying of dollars in the budget 2022-23. There will be a ban on buying over $10,000/month, and $100,000/year.

According to government sources, the government has decided to add thorough limitations and add taxations in the budget for the fiscal year 2022-23. The budget will be presented in the National Assembly at 4 pm Friday, 2022.

The finance ministry has recommended lowering the income tax slabs from Rs10,00,000 annually to 700,000 annually.  An increase in income tax on people over Rs10,00,000/ year has also been recommended. People earning via social media or freelancing will also be brought into the tax net.

International travellers via Business class will have to pay 4x tax for the fiscal year 2022-23 while purchases paid by credit cards will be charged 1% tax. The credit card tax on non-filers will be 2%. Credit payments for foreign purchases will also be taxed.

The finance ministry has also recommended limiting the dollar purchase to $10,000/ month and $100,000/ year for the fiscal year 2022-23

The coalition government has decided to allocate Rs800 billion for the Public Sector Development Programme (PSDP) in the next fiscal year, said sources.

A development budget worth Rs800 billion has been proposed for the next financial year, out of which Rs538 billion will be allocated for federal ministries and departments.

Meanwhile, the government has decided to allocate Rs 25 billion for the Atomic Energy Commission, while Rs41.87 billion will be allocated to Higher Education Commission (HEC) and Rs2.5 billion for Aviation.