ISLAMABAD: The Pakistan Democratic Movement (PDM) led Federal Government has devised a plan to introduce a fixed tax scheme in the budget for the fiscal year 2023-24 raising hopes for fulfilling the longstanding demand of the business community.
With the unveiling of fixed tax scheme, small shopkeepers are expected to reap significant benefits through simplified one-page income tax returns.
Additionally, the budget proposals include an allocation of Rs 33 billion for the development budget of railways, reflecting an increase of Rs 1 billion.
After years of persistent demand from the business community, efforts have gained momentum to establish a fixed tax regime.
The focus has shifted towards implementing a fixed tax system, wherein the concept of advance income tax on electricity bills will serve as the final tax. Notably, under this regime, the advance income tax on small shopkeeper meters will no longer be adjusted.
Meanwhile, there is a proposal to allocate a budget of Rs 61.62 for Pakistan Railways, specifically for salaries, pensions, and allowances. Of this amount, Rs 29.78 billion will be designated for salaries and allowances, while Rs 31.84 billion will be allocated for pensions.
Read more: Federal Budget for FY 2022-23 to be presented today
