Budget 2024-25: President Zardari signs Finance Bill

President Asif Ali Zardari on Sunday signed the Finance Bill 2024 approving the federal budget 2024-25, ARY News reported.

A signed copy of the Finance Bill will also be sent to Parliament. The new federal budget will come into effect from July 1

On June 28, the National Assembly passed the federal budget amid opposition protests.

The National Assembly, in a session chaired by Speaker Ayaz Sadiq, approved the federal budget 2024-25 worth Rs18.877 trillion. However, the session saw a walkout by the opposition after they were not allowed to speak on their objections during the passage of the financial bill.

Despite the opposition’s protest, the assembly passed the provision to increase the tax rates on international air travel tickets. From July 1, passengers travelling in economy and economy plus classes must pay an additional tax of Rs12,500 on international tickets.

Tax hikes are more substantial for travellers in business, club, and first-class. The ticket tax rate for travel to North, Central, and South America has been increased to Rs350,000. Additionally, the tax on business and club class tickets for the USA and Canada has risen to Rs100,000.

PM Shehbaz Sharif

Earlier, Prime Minister (PM) Shehbaz Sharif said that the government had to prepare the fiscal year budget 2024-25 while keeping recommendations of the International Monetary Fund (IMF) in mind.

PM Shehbaz hoped to get a good response from the IMF. “If the response comes from the IMF, we will present it (before the house) on Wednesday,” he added.