No increase in petroleum levy: finance minister

ISLAMABAD: Finance Minister Muhammad Aurangzeb announced on Sunday that there would be no increase in the Petroleum Development Levy.

Aurangzeb made this statement during a media address following President Asif Ali Zardari’s signing of the Finance Bill 2024, which marks the implementation of the Budget for the fiscal year 2024-25.

He also emphasised that relief would be offered to the salaried class as soon as it becomes viable. Aurangzeb acknowledged the heightened financial strain on salaried individuals and proposed exploring public-private partnerships akin to Sindh’s approach.

Regarding the International Monetary Fund (IMF), Aurangzeb recognised its importance and noted advancements in negotiations for an IMF program. He underscored the importance of combating tax evasion and expressed optimism that this would mark the final IMF program.

Read more: Finance minister defends budget, optimistic on IMF deal