The National Assembly on Friday approved the federal budget of Rs18,877 billion for the fiscal year 2024-25 following the completion of the approval process.
During the session, all opposition amendments were rejected unanimously. Prime Minister Shehbaz Sharif, Pakistan People’s Party Chairman Bilawal Bhutto-Zardari participated in the proceedings.
Regarding the Petroleum Development Levy reduction, the PPP retracted its amendments, while the opposition’s amendments were dismissed by a vote count in the Assembly. Opposition amendments concerning the levy were voted down in the Assembly, with 170 members opposing and 84 supporting the reduction.
The prime minister responded to criticism from PTI Chairman Barrister Gohar and former Speaker of the National Assembly Asad Qaiser regarding project allocations and fund distribution in Khyber Pakhtunkhwa.
Member of the Sunni Ittehad Council Junaid Akbar Khan criticized the premier, stating that if their government were to come to power, they would show him the reality of being in jail.
Additionally, amendments were passed to empower FBR officers for sales tax audits, allowing them to access necessary records without demanding data older than six years.
To strengthen tax enforcement, the FBR will establish a Tax Fraud Investigation Wing in Wang, focusing on preventing tax evasion and fraud, with dedicated legal and accounting units.
Minister of Finance Muhamamd Aurangzaib termed the budget 2024-25 as growth budget and said it was based on a well-thought-out strategy to boost the economic growth.
He said that the budget for the next fiscal year was aimed at narrowing the fiscal deficit by expanding the government’s revenues and cutting unnecessary expenditures.
Muhammad Aurangzaib reiterated the government’s commitment to increasing the tax-to-GDP ratio to 13 percent, which currently stands at a low 9.5 percent.
