The federal government has set an ambitious target of Rs1,281 billion on account of Petroleum Levy (PL) on petroleum products for the upcoming fiscal year 2024-25. This projection marks an increase of Rs321 billion over the revised estimate of Rs960 billion for the current fiscal year 2023-24. While the originally budgeted PL for the current year was Rs869 billion, the actual increase represents a
MUCH will be written about the budget’s specifics, but there is something else on my mind this year. This budget marks nearly a quarter century of back-to-back, virtually nonstop IMF programmes that Pakistan has been on. This means for 25, or a quarter of a century now, we have had a near continuous run of austerity as national economic policy, with the exception of three brief spurts of short-liv
The budget for fiscal year 2024-25 that was presented by Finance Minister Muhammad Aurangzeb on Wednesday had a fresh take on income tax slabs. Check our calculator to see how much tax you’ll have to pay on your salary if the budget comes into force.
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