Federal Budget will be Presented in National Assembly This Week.

The 2024-25 finance planner Federal Budget will be presented in the National Assembly in This Week.

Every Pakistani has an eye on the budget 2024 while Government of Pakistan is going to announce that budget in this week. This is a planner or finance planner which may provide a key roll in the progress of the Pakistan. Every year government decide a specific amount of Finance in every field like in Defence like in Sports like in Education like in Agriculture like in Technology like Tourism.

Younus Dhagha, former caretaker minister in Sindh, who heads the Policy Research and Advisory Council (PRAC), supported the business community’s position. He argued that the protest is justified, as the budget makers have shown no intention of bringing ‘sacred cows’ into the tax fold.

Placing the entire burden of new taxes on trade, industry, and the salaried class will strangulate the economy. The taxation regimes of the federation and all four provinces show no sign of taxing the agricultural elite. Punjab has budgeted only 0.07pc [Rs3.75bn] and Sindh only 0.02pc [Rs6bn] of their budgets as agricultural income tax. This undermines the finance minister’s claims of sparing no holy cows and ensuring horizontal equity in the new taxation regime,” he noted.

Abdul Aleem, Secretary General of the Overseas Investors Chamber of Commerce and Industry (OICCI), expressed disappointment. “This year’s budget process lacked engagement with the business community, resulting in many surprises, especially for corporates. Ad hoc measures like increased taxes on salaries, arbitrary disallowance of 25pc of sales promotion and advertising expenses have led to protests from key stakeholders.”