{"id":39390,"date":"2024-06-12T12:22:09","date_gmt":"2024-06-12T07:22:09","guid":{"rendered":"https:\/\/dailyausaf.com\/en\/?p=39390"},"modified":"2024-06-12T16:59:04","modified_gmt":"2024-06-12T11:59:04","slug":"federal-budget-2024-25-to-be-presented-today-with-rs18-trillion-outlay","status":"publish","type":"post","link":"https:\/\/dailyausaf.com\/en\/business\/federal-budget-2024-25-to-be-presented-today-with-rs18-trillion-outlay\/","title":{"rendered":"Federal budget 2024-25 to be presented today with Rs18 trillion outlay"},"content":{"rendered":"<p>ISLAMABAD: The Pakistan Muslim League-Nawaz (PML-N) led federal budget for <a href=\"https:\/\/dailyausaf.com\/en\/business\/budget-2024-25-federal-govt-set-budget-outlay-of-rs-18000-billion\/\">fiscal year 2024-25<\/a> will be presented in the National Assembly today.<\/p>\n<div class=\"col-lg-8\">\n<div class=\"newsdetailcontent\">\n<p>Finance Minister Muhammad Aurangzeb will present the growth-oriented budget of FY 2024-25 with an estimated volume of over Rs18 trillion in Parliament.<\/p>\n<p>According to the recent development, the federal cabinet has approved the budget for the FY 2024-25. The cabinet meeting chaired by Prime Minister Shahbaz Sharif approved the budget documents.<\/p>\n<\/div>\n<\/div>\n<p class=\"\">The budget comes a day after the government unveiled the <a href=\"https:\/\/dailyausaf.com\/en\/business\/finance-minister-aurangzeb-unveils-economic-survey-2023-24\/\">Economic Survey Report<\/a> 2023-24, saying that the economic growth of 2.4% expected in the current year would miss a target of 3.5%, although revenues were up 30% over last year, and the fiscal and current account deficits were under control.<\/p>\n<p>In the budget, the salaries of federal government employees are expected to increase by 10 to 15 percent along with the\u00a0<span data-preserver-spaces=\"true\">hike in the pensions of\u00a0<\/span>retired employees<span data-preserver-spaces=\"true\">\u00a0by 10%.<\/span><\/p>\n<p><iframe title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/aCs8tcrfwd8?si=h41BZunn7fGMoADI\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>Federal Board of Revenue&#8217;s (FBR) tax collection target is likely to be set at Rs 12.97 trillion against the revised estimates of Rs 9.252 trillion for the outgoing financial year.<\/p>\n<div class=\"elementor-element elementor-element-473dfed elementor-widget elementor-widget-theme-post-content\" data-id=\"473dfed\" data-element_type=\"widget\" data-widget_type=\"theme-post-content.default\">\n<div class=\"elementor-widget-container\">\n<div class=\"elementor-element elementor-element-473dfed elementor-widget elementor-widget-theme-post-content\" data-id=\"473dfed\" data-element_type=\"widget\" data-widget_type=\"theme-post-content.default\">\n<div class=\"elementor-widget-container\">\n<p>The interest and debt payments are estimated at Rs 9.5 trillion in the upcoming budget, sources said. The tax-collecting body wants to pursue fiscal consolidation by bringing down the overall fiscal deficit from over 7.6%, of the outgoing fiscal year, to 6.5% of GDP in the next budget through revenue efforts and curtailing unbridled expenditures.<\/p>\n<p>Moreover, the federal government has proposed to allocate Rs800 billion for subsidies in the energy sector. For the new Fiscal Year, 93 billion has been proposed for education.<\/p>\n<p>Furthermore, the federal government has likely allocated 279 billion for transport, 75 billion for AJK\/GB, 64 billion for merged districts, 8 billion for industries, 1400 billion for development sector (PSDP), 64 for merge districts, 50 billion for production sector, and more than 3 billion for petroleum Budget in the upcoming budget 2024-25.<\/p>\n<\/div>\n<\/div>\n<p>Federal govt has decided to end unnecessary tax exemptions in the next financial year. Tax exemptions in terms of sales tax, income tax, and customs duties will end, sources said.<\/p>\n<p>The government is planning to increase tax revenue through changes in tax rates. The plan includes an increase in taxes by implementing a sales tax on petroleum products and imposing additional tax on non-filers in the budget of the upcoming financial year.<\/p>\n<p>For the next fiscal year, FBR will increase the scope of taxes to increase collections. Measures will be taken to bring the retail sector into the tax net and to impose additional taxes on the real estate sector. FBR will collect taxes from sectors outside the tax net.<\/p>\n<p>Compared to the outgoing financial year, the new FY will target an additional collection of around 4 thousand billion rupees.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>ISLAMABAD: The Pakistan Muslim League-Nawaz (PML-N) led federal budget for fiscal year 2024-25 will be presented in the National Assembly today. Finance Minister Muhammad Aurangzeb will present the growth-oriented budget of FY 2024-25 with an estimated volume of over Rs18 trillion in Parliament. According to the recent development, the federal cabinet has approved the budget [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":39392,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18476,4,13446],"tags":[18470,18471,18468,18469],"class_list":["post-39390","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budget-2024-25","category-business","category-featured","tag-budget-2024-25-tax-increase","tag-budget-2024-25-volume","tag-federal-budget-2024-25","tag-federal-budget-2024-25-pension-increase"],"_links":{"self":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/39390","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/comments?post=39390"}],"version-history":[{"count":0,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/39390\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media\/39392"}],"wp:attachment":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media?parent=39390"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/categories?post=39390"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/tags?post=39390"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}