Finance Bill, Budget FY2024-25 signed by the President

ISLAMABAD: President of Pakistan Asif Ali Zardari signed the Finance Bill 2024, effectively approving the federal budget for fiscal year 2024-25. The new budget will be implemented from July 1, 2024.

Senate continues discussion on Finance Bill 2024-25

A signed copy of the Finance Bill has also been sent to the Parliament. The Rs 18.877 trillion budget was presented by the federal government to the National Assembly on June 28, 2024 amid opposition’s protests. The National Assembly (NA) session chaired by NA Speaker Ayaz Sadiq, approved the federal budget.

The Finance Bill has been approved after thorough deliberations by the finance standing committees of the national assembly and the senate. During these deliberations, Senator Bilal Ahmed Khan had suggested that the government should focus on broadening the tax net as well as utilising the country’s indigenous resources.

Samina Mumtaz Zehri had said the employees in one to sixteen grades must be exempted from additional taxes, while Sajid Mir supported the privatisation of loss making enterprises including PIA and Pakistan Steel Mills (PSM).

FBR forms committees to address Finance Bill 2024 anomalies

The standing committee discussions presented a refined Finance Bill, which has now received the president’s approval, effectively implementing the new budget.