The Federal Board of Revenue collected Rs9.285 trillion in 2023-24, slightly exceeding the downward revised target of Rs9.252tr. The budgetary target of Rs9.415tr was revised downward to exclude the tax amount that was stuck in superior courts because of the non-implementation of tax measures announced in the budget 2023-24. The courts stayed the collection of super tax and windfall income t
The Pakistan Business Council (PBC) has said that the federal budget 2024-25, approved on Friday, remained almost as regressive as the bill proposed earlier. “Sacred cows will graze freely while the golden geese will be cooked. More alarmingly, none of the country’s fundamental needs will be facilitated,” remarked PBC Chief Executive Ehsan Malik. Exports and investment will not be encouraged
Bank advances to the private sector were only Rs123.8 billion, much less than the record lending of Rs7.7 trillion to the government in the outgoing 2023-24. The fiscal year, which ends on June 30, witnessed record inflation and an unprecedented interest rate. This kept the private sector out of costly banking money, resulting in poor economic growth of 2.3 per cent for FY24. The economy con
President Asif Ali Zardari on Sunday gave assent to the government’s tax-heavy Finance Bill 2024 for the new fiscal year. The government had presented the budget two weeks ago, drawing sharp criticism from opposition parties, especially the PTI, as well as coalition ally PPP. Finance Minister Muhammad Aurangzeb had moved the finance bill in parliament, which had been opened to seek amendment
Finance Minister Muhammad Aurangzeb on Sunday expressed confidence that Pakistan would secure an extended loan programme with the International Monetary Fund (IMF), adding that agreements with the Fund can contribute to macroeconomic stability. Addressing a press conference in Islamabad at the end of the fiscal year 2023-24, the finance minister stressed his and Prime Minister Shehbaz Sharif’s