The Federal Budget 2024-25 will be presented on Wednesday, June 12 in the National Assembly of Pakistan by the Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb. The government will announce the federal budget for 2024-25 of Rs.18,000 billion. The Finance Minister Senator Muhammad Aurangzeb will make a budget speech and present the budget documents before the parliament on June 12.
The government has almost finalized the draft of the socio-economic developments for 2024-25. The Economic Survey for the upcoming budget will be unveiled on 12th June. Rs. 9.5 trillion of the budget 2024-25 will be for loans, interest and debt payments. The budget deficit is to remain at Rs. 6.7 trillion.
In the federal budget 2024-25, the government wants to set a determined target due to the constraints of the International Monetary Fund (IMF). Therefore, the tax revenue is likely to remain 12.9 trillion. On the other hand, the non-tax revenue to remain around Rs.21,00 billion in the budget.
The government is likely to increase the salaries and pensions of government employees. The Pay and Pension Commission has submitted reports for the increase in salaries and pensions for public sector employees for the upcoming budget. The reports suggested that the government will increase salaries and pensions by up to 10-15 per cent in the fiscal year of 2024-25. On the other hand, the federal government is also likely to hike the pensions of retired employees by 10%.
The government has decided to implement a 1% sales tax rate from 18 to 19 per cent and an additional revenue generation of Rs. 40-50 billion for the year 2024-25. The government has also planned to increase the regulatory duty on imported used cars in Pakistan by up to 30 per cent.
There are also reports that the Federal Board of Revenue (FBR) proposed implementing a 25 per cent federal excise duty (FED) on imported mobile phones.
You can read the Budget Proposals for Tax Year: 2024-25 by the Federal Board of Revenue (FBR) below:
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