ISLAMABAD: The federal government has introduced a budget for the upcoming fiscal year featuring a wide range of new taxes, while also planning to secure $23.4 billion in fresh loans during the next financial year. The budget also incorporates green subsidies under the Green Initiative program, with a total allocation of Rs476 billion.
According to details, debt servicing will continue to consume a significant portion of the budget. The government has set a tax collection target of more than Rs15 trillion, a move that is expected to increase the financial burden on the public. In addition, a 5 percent withholding tax has been imposed on income earned through social media platforms.
The budget documents show that Rs423 billion has been allocated as green subsidies for the energy sector. For the next fiscal year, the food sector will receive Rs19 billion in green subsidies.
According to the documents, the industrial sector has been allocated Rs8 billion in green subsidies, while the transport sector will receive Rs5 billion. The agricultural sector has been allocated Rs21 billion under the green subsidy program.
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The budget further states that all government ministries will be required to take measures aimed at reducing environmental pollution. The government will provide these subsidies under its Green Initiative program to support environmentally focused measures across various sectors.
