KARACHI: Sindh Chief Minister Syed Murad Ali Shah on Tuesday presented a Rs1.7 trillion “pro-poor” and “tax-free” budget for the next fiscal year 2022-23 with social protection and economic sustainability initiative.
The chief minister said this past year witnessed “extraordinary changes” both nationally and internationally, with its impact ultimately on the common man.
“Despite that, the Government of Sindh vows to leave no stone unturned to ensure economic and political stability in the province, contributing its shares in the common national effort, which is in line with the vision of the PPP,” CM Shah said.
The chief minister prayed that Pakistan and its democracy be protected from the dangers and challenges that it is facing.
“May democratic forces always rise and shine in this country. May Almighty Allah bestow us with courage and ability to serve the people of our motherland.”
Sharing the details of the budget, the CM said the total receipts of the provincial government for the next financial year would clock in at Rs1.67 trillion against the expenditures of Rs1.71 trillion which shows a deficit of Rs33.84 billion.
He further elaborated that the revenue receipts would include Rs1.055 billion federal transfers, Rs374.5 billion provincial receipts (Rs167.5 billion provincial tax receipts excluding GST on services, Rs180 billion provincial sales tax on services and Rs27 billion provincial non-tax receipts), Rs51.1 billion current capital receipts, Rs105.5 billion other transfers such as foreign project assistance, federal grants and foreign grants and Rs20 billion carry over cash balance and public accounts of the province.
He added that the provincial tax collecting organisations would achieve their collection targets such as Sindh Revenue Board (SRB) Rs180 billion, Excise and Taxation Rs1.20 billion and Board of Revenue Rs30 billion.
Regarding the expenditures, CM Sindh said that the current revenue expenditures for the next financial year would be Rs1.19 trillion, current capital expenditures will be around Rs54.48 billion, development portfolio Rs459.65 billion, including Rs332.165 billion provincial ADP, Rs30 billion district ADP, and RS91.467 billion Foreign Assistance Project (FAP) and Rs6.02 billion other federal grants.
According to the CM the provincial government, during the 11 months (July to May) of the outgoing financial year, has received Rs716 billion against a share of Rs732 billion which shows a shortfall of Rs16 billion.
Shah added that his government during the said period received Rs45 billion in straight transfers and in Octroi and Zilla Tax (OZT) by receiving Rs18.9 billion against a share of Rs19.7 billion.
Earlier, during the meeting attended by all provincial ministers, advisers, special assistants, chief secretaries, principal secretaries and other officers concerned, the CM Sindh approved the proposals of the Rs1.71 trillion “tax-free” budget.
Commenting on the proposals, CM Sindh had termed the proposed finance bill as a “budget for the poor.”
“In this budget for the next fiscal year, steps have been taken for social security and economic stability,” he said, adding that this budget has been prepared after consultations with all relevant stakeholders and cabinet holders.
Murad Ali Shah presented the budget in the provincial assembly as he holds the portfolio of Sindh’s finance minister as well.