Up to 30 percent increase 'proposed' for IT ministry in budget 2024-25

ISLAMABAD: In fiscal year 2024-25, up to 30 percent increase has been proposed for Ministry of Information Technology (IT), ARY News reported citing sources.

According to sources, the proposed budget stands at Rs. 11.82 billion, which includes Rs. 4.84 billion for employee-related expenses and Rs. 6.97 billion for development projects.

Additionally, Rs. 993 million has been allocated for the IT Ministry’s own projects, while Rs. 6.98 billion for SCO, Rs. 1.5 billion for NITB, Rs. 1 billion for Pakistan Software Export Board, and Rs. 505 million for NDPC, sources added.

It is pertinent to mention here that the IT Ministry had demanded a total of Rs. 16.42 billion for fiscal year 2024-25, whereas the previous year’s allocation was Rs. 8.89 billion.

The budget 2024-25 which was earlier scheduled to be presented on June 10 is now likely to be presented on June 12.

Read more: Federal budget 2024-25 likely to be presented on June 12

The Pakistan Economic Survey 2023-24 will be presented on June 11 after a meeting of the council on June 10, the sources said.

The federal budget 2024-25 will likely get approval from the Senate by June 26. The Pakistani government is likely to end tax exemptions in the FY2024-25 budget on IMF’s demand.

According to budget proposals for the budget 2024-25, Pakistan is likely to end exemption on sales and income tax, phase-wise.

The government is also considering imposing a sales tax on tractors and pesticides, potentially leading to price hikes for these essential agricultural products.