ISLAMABAD: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb proposed major changes in tax policies while presenting the federal budget for the fiscal year 2024-25, ARY News reported.
In his budget speech on the National Assembly floor, the finance minister said that the government has proposed 18 percent sales tax on different categories of mobile phones.
The federal government proposed significant changes in tax policies, aimed at increasing revenue. Similarly, there is a proposal to withdraw exemptions on various items depending on their categories.
The government also proposed to increase import duties on luxury cars worth over $50,000. The budget proposal also asked the House to increase the import duty on steel and paper products.
Read More: Finance Minister Aurangzeb unveils federal budget for FY 2023-24
Muhammad Aurangzeb is presenting Pakistan’s budget for the fiscal year 2024-25 with a total outlay of Rs18 trillion.
The National Assembly (NA) session began with recitation of the Holy Quran followed by the national anthem. Prime Minister Shehbaz Sharif is also in attendance.
At the outset of his speech, Finance Minister Aurangzeb said that PM Shehbaz Sharif and his team should be congratulated over his efforts in past one year to revive economy. He vowed that Pakistan will soon be on the path of inclusive and sustainable economic growth.
The finance minister announced a 101 per cent increase in the development budget, noting that 81pc has been allocated for ongoing schemes and 19pc for new schemes.
He also announced development projects in Azad Kashmir and merged districts, adding that completion of ongoing development projects will be government’s top priority. “The government would focus on export, equity, empowerment, environment, and energy under the 5-E framework,” he added.
The government has allocated Rs5 billion allocated for the Quaid-e-Azam Health Tower in Islamabad, Rs7bn for development projects in the poorest districts, Rs6bn for the Karakoram Highway project, Rs4bn for digitalisation of the national economy, Rs2bn for the establishment of Danish school in Islamabad and Rs5bn for the establishment of 7 Danish schools in Azad Kashmir and Gilgit-Baltistan.
