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
Federal transfers to the provinces will rise 37 per cent year-on-year to Rs7.438 trillion during 2024-25. During the next fiscal year, Punjab’s share will be Rs3.69tr, followed by Sindh at Rs1.85tr and that of Balochistan is projected to be Rs667.55 billion. Khyber Pakhtunkhwa’s receivables during the next fiscal year, including 1pc additional as compensation for war-on-terror, will be Rs1
The government has announced a stunning Rs1.761 trillion in new revenue measures for the next fiscal year, which, a deeper examination reveals, may contribute to another bout of inflation in the country. The focus of the budget seems to be on withdrawing most exemptions from sales tax and customs duty which, though not fully reflected in the finance minister’s budget speech on the floor of Nati