The Finance Bill 2023-24 was also approved to give legal protection to the budget proposals. In the National Assembly, Federal Finance Minister Senator Muhammad Ishaq Dar moved that the Finance Bill 2023-24 be taken into consideration.
The House approved the motion, after which Finance Minister Muhammad Ishaq Dar presented the Finance Bill in the House. Bano, Nisar Cheema, Zahra Wadud Fatemi, Nawab Sher Waseer, Asia Azim and others presented amendments on various clauses, which were rejected by the House by majority vote, while an amendment by Maulana Abdul Akbar Chitrali was approved by the House to be included in the bill.
Thus, the House also rejected MQM member Salahuddin’s amendment in the bill. Finance Minister Ishaq Dar moved that the National Assembly approve the Finance Bill 2023-24 to give legal protection to the budget of the next financial year. The House also approved the amendments presented by the Finance Minister in the Finance Bill 2023-24 in the light of the Senate proposals that approved the bill.
After re-considering the federal budget proposals presented in the House on June 9, Finance Minister Muhammad Ishaq Dar, taking into consideration the budget debate in the House and the Senate proposals, decided on the revenue targets and some other issues in the budget for the next financial year. But he announced some changes in the data, according to which the target of FBR’s income increased from 9200 billion to 9415 billion rupees, and that of the provinces increased from 5276 billion rupees to 5390 billion rupees.
The expenses of the federal government increased from 14460 billion rupees to 14480 billion rupees, the volume of pension will increase from 761 billion rupees to 801 billion rupees, the volume of subsidies will be 1064 billion rupees, while the volume of grants will be 1405 billion rupees. As a result, the budget deficit will improve, the financial deficit will be reduced by 300 billion rupees.