Finance Minister Muhammad Aurangzeb on Wednesday presented his first federal budget with a total outlay of Rs18.9 trillion, which analysts say is broadly “in line with IMF guidelines”. Pakistan’s budget for the upcoming year aims for a modest 3.6 per cent GDP growth, and sets an ambitious Rs13tr tax collection target, raising taxes on salaried classes and removing tax exemptions for the rest.
The government on Wednesday proposed an allocation of Rs2.12 trillion for the armed forces in the upcoming fiscal year (FY 2024-25), marking a substantial increase of 17.6pc compared to last year’s budget reflecting the country’s priorities in a region marked by geopolitical tensions. The allocation for the armed forces in the next fiscal year is set at 1.7pc of GDP, maintaining the same propor
The federal government has set an ambitious target to collect Rs1.28 trillion through the petroleum levy in the fiscal year 2024-25, marking a 47.4 per cent increase over the previous year’s goal. In the outgoing fiscal year, the government collected Rs960 billion from the petroleum levy, surpassing the original target of Rs869bn. The budget for the upcoming fiscal year projects an additional R
In a bid to appease the local assemblers, the government has abolished customs duty on the import of hybrid cars and luxury electric vehicles (EVs). The decision has irked used car importers, who said that it would benefit the assembler of these vehicles rather than consumers. On the other hand, the local assemblers of hybrid vehicles must be satisfied as their meeting with Prime Minister Shahb
The government on Wednesday announced a Rs3.792 trillion national Public Sector Development Programme (PSDP) for fiscal year 2024-25, which represents a staggering 58 per cent increase from the Rs2.39tr to be spent under the head by the close of FY24. Of the total, Rs2.095tr has been allocated to provincial PSDP, compared to Rs1.56tr in the outgoing year. Of the remaining, Rs1.4tr will be spent