KARACHI – According to a budget preview report by Topline Securities, the coalition government is expected to propose a budget of Rs13-15 trillion for the fiscal year 2023-24, attributing the high cost to record-high markups caused by a steep rise in interest rates.
This figure represents a 21% increase from the target set for the current fiscal year, which is Rs9-9.2 trillion.
It is worth noting that if the proposed tax target for the financial year 2023-24 is set, it would be 29% higher than the anticipated tax collection for the outgoing fiscal year, highlighting the government's ambition to generate more revenue. However, the brokerage house stated that this is a challenging period for the government to present a budget due to stagflation, uncertainties related to upcoming elections, and concerns about bridging Pakistan's external account funding gap.
The report emphasized that the uncertainty surrounding the financing of the US dollar funding gap is causing unease in currency, bond, and stock markets. In the past, revenue targets have deviated from actual figures by an average of 8% over the last five years, and the report predicts a similar trend in the fiscal year 2023-24 due to economic slowdown.
For the fiscal year 2023-24, the non-tax revenue target is estimated at Rs2.5 trillion (2.4% of GDP), compared to Rs1.6 trillion (2% of GDP) estimated for the current fiscal year. The report anticipates several taxation measures, including taxes on undistributed reserves, the continuation of the super tax, a shift from the final tax regime to the minimum tax regime, asset/wealth tax, higher tax on non-filers, tax on rental income, and taxes on banks, tobacco, and beverages.
Regarding development spending, the Federal Public Sector Development Programme (PSDP) for FY24 is projected to be Rs0.9 trillion, but the report suggests the possibility of major cuts due to fiscal constraints. The consolidated PSDP (federal and provincial) is expected to reach Rs2.6 trillion (2.5% of GDP) in FY24.
KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on September 30, 2023 (Saturday).
Source: Forex Association of Pakistan. (last update 09:00 AM)
|UK Pound Sterling||GBP||353.3||357|
|Hong Kong Dollar||HKD||37.93||38.28|
|New Zealand Dollar||NZD||174.58||176.58|
KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 205,600 on Saturday.
The price of 10 grams of 24k gold was recorded at Rs 176,270. Likewise, 10 grams of 22k gold were being traded for Rs168,730 while a single tola of 22-karat gold was being sold at Rs196,807.
Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.
|Lahore||PKR 205,600||PKR 2,450|
|Karachi||PKR 205,600||PKR 2,450|
|Islamabad||PKR 205,600||PKR 2,450|
|Peshawar||PKR 205,600||PKR 2,450|
|Quetta||PKR 205,600||PKR 2,450|
|Sialkot||PKR 205,600||PKR 2,450|
|Attock||PKR 205,600||PKR 2,450|
|Gujranwala||PKR 205,600||PKR 2,450|
|Jehlum||PKR 205,600||PKR 2,450|
|Multan||PKR 205,600||PKR 2,450|
|Bahawalpur||PKR 205,600||PKR 2,450|
|Gujrat||PKR 205,600||PKR 2,450|
|Nawabshah||PKR 205,600||PKR 2,450|
|Chakwal||PKR 205,600||PKR 2,450|
|Hyderabad||PKR 205,600||PKR 2,450|
|Nowshehra||PKR 205,600||PKR 2,450|
|Sargodha||PKR 205,600||PKR 2,450|
|Faisalabad||PKR 205,600||PKR 2,450|
|Mirpur||PKR 205,600||PKR 2,450|