The National Assembly is set to pass the Finance Bill 2024 for the upcoming fiscal year today paving the way for a new International Monetary Fund (IMF) deal.
The National Assembly resumed its session at the Parliament House in Islamabad today with Speaker Sardar Ayaz Sadiq in the chair where Finance Minister Muhammad Aurangzeb introduced the Finance Bill.
The House started the process to pass the Finance Bill, 2024 with certain amendments to give effect to the financial proposals of the federal government for the year beginning on the 1st July 2024.
Responding to the points of the opposition on the Finance Bill, 2024, Minister for Finance Muhammad Aurangzeb said the economy has achieved stability.
He expressed the government’s determination to further enhance the stabilization process with the goal of steering the economy towards growth.
Key highlights of the budget include a whopping Rs. 13 trillion tax revenue target ($46.66 billion) for the new fiscal year, marking a 40% increase from the current year.
New taxes feature 48 percent higher direct taxes and a 35 percent increase in indirect taxes. Non-tax revenue, including petroleum levies, is projected to surge by 64 percent.
Textiles, leather, mobile phones, and capital gains from real estate are some of the most heavily impacted sectors as a result of the new revenue measures in the new budget. Meanwhile, the salaried-class will pay higher direct taxes on their incomes.
The fiscal deficit target for the new financial year is set at 5.9 percent of GDP. The budget forecasts economic growth at 3.6 percent with inflation expected to reach 12 percent.
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