{"id":39471,"date":"2024-06-12T18:11:37","date_gmt":"2024-06-12T13:11:37","guid":{"rendered":"https:\/\/dailyausaf.com\/en\/?p=39471"},"modified":"2024-06-13T13:16:38","modified_gmt":"2024-06-13T08:16:38","slug":"live-federal-govt-presents-budget-2024-25-amid-ruckus-in-national-assembly","status":"publish","type":"post","link":"https:\/\/dailyausaf.com\/en\/business\/live-federal-govt-presents-budget-2024-25-amid-ruckus-in-national-assembly\/","title":{"rendered":"Federal govt presents Budget 2024-25 amid ruckus in National Assembly"},"content":{"rendered":"<p>ISLAMABAD: Finance Minister Muhammad Aurangzeb presents the <a href=\"https:\/\/dailyausaf.com\/en\/business\/budget-2024-25-punjab-govt-to-unveil-rs-5-37-trillion-budget-today\/\">federal budget 2024-25<\/a> in the National Assembly as the government eyes on securing a long-term International Monetary Fund (IMF) bailout.<\/p>\n<p class=\"\">The Pakistan Tehreek-e-Insaf (PTI)-backed Sunni Ittehad Council (SIC) lawmakers have staged a protest in the National Assembly in a bid to disrupt the speech of the finance minister.<\/p>\n<p>At the outset of his speech, Finance Minister Aurangzeb thanked Prime Minister Shehbaz Sharif, PML-N President Nawaz Sharif, leaders of the coalition parties including Bilawal Bhutto Zardari, Khalid Maqbool Siddique, Chaudhry Shujaat Khan, Abdul Aleem Khan, and Khalid Magsi for their guidance in preparing the budget.<\/p>\n<p><iframe title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/HQrTTRBFzWM?si=DoOVvG87_gOWegUZ\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>&nbsp;<\/p>\n<p>Fiance czar said that, despite political and economic challenges, our progress on the economic front in the past year has been impressive. &#8220;PM Shehbaz Sharif and his team should be congratulated on his efforts in the past year to revive the economy,&#8221; he added.<\/p>\n<h3><a href=\"https:\/\/dailyausaf.com\/en\/pakistan\/govt-to-increase-taxes-on-property-for-filers-and-non-filers\/\">Tax revenue target<\/a><\/h3>\n<p>The federal government has set a target of <a href=\"https:\/\/dailyausaf.com\/en\/pakistan\/govt-to-increase-taxes-on-property-for-filers-and-non-filers\/\">Revenue collection<\/a> of the FBR at Rs12,970 billion during upcoming fiscal year.<\/p>\n<p>Finance Minister Senator Muhammad Aurangzeb said in the budget speech that the target of non-tax revenue for the new financial year has been set at Rs4845 billion rupees.<\/p>\n<p>According to the budget document, the target is to get Rs30 billion rupees from privatization.<\/p>\n<p>The target of direct tax collections for the next year is Rs5512 billion and Rs5454.6 billion from income tax. The capital value tax for the next fiscal year has been increased by Rs5 billion to Rs15.66 billion. A\u00a0tax collection target of\u00a0 Rs1591 billion rupees has been set for customs duty.<\/p>\n<p>According to the budget document, a target of Rs 4,919 billion has been set for sales tax and Rs 948 billion for excise duty.<\/p>\n<h3><a href=\"https:\/\/dailyausaf.com\/en\/business\/budget-2024-25-expected-petrol-prices-in-pakistan-from-june-16-after-petroleum-levy-increased\/\">Increase in petroleum levy target<\/a><\/h3>\n<p><span data-preserver-spaces=\"true\">The federal government has set an ambition to collect Rs1.28 trillion through the petroleum levy in the upcoming fiscal year.<\/span><\/p>\n<p>The <a href=\"https:\/\/dailyausaf.com\/en\/business\/budget-2024-25-heres-how-much-tax-has-been-increased-on-your-salary\/\">revenue collection target<\/a> of the outgoing fiscal year through petroleum levy was Rs869 billion, which saw an increase of 47.4pc from the outgoing year. <span data-preserver-spaces=\"true\"> The government recommended an increase in the levy from Rs60 to Rs80 per <\/span><span data-preserver-spaces=\"true\">litre<\/span><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<p>The <span data-preserver-spaces=\"true\">government collected Rs960 billion from the PL, surpassing the original target. Considering that, the budget for the upcoming FY targets an additional collection of Rs321bn. <\/span><span data-preserver-spaces=\"true\">If the proposal is approved, the petroleum prices are expected to move up from July 2024.<\/span><\/p>\n<p>Likewise<span data-preserver-spaces=\"true\">, Rs28bn is expected to be collected from the levy on crude oil<\/span>. The newly introduced levy on gas is projected to generate Rs400 million. The<span data-preserver-spaces=\"true\"> proposal also seeks a 50 percent surge in the levy on high-octane, light diesel, and ethanol.<\/span><\/p>\n<h3>Income Tax Reforms<\/h3>\n<p>Finance Minister Muhammad Aurangzeb has announced major changes in the income tax structure. The\u00a0Federal Board of Revenue (FBR) has implemented a key income tax increase following the announcement of the budget.<\/p>\n<p>Citizens earning\u00a0Rs 600,000 to Rs 1,200,000 annually will pay a 5% tax on their income monthly.<\/p>\n<h3>Human Development<\/h3>\n<p>The government will invest in Human Development and the top priority will be the development of the education sector.<\/p>\n<p>In this regard, several plans have been proposed including the enhancement of\u00a0infrastructure and education facilities in 167 public schools in Islamabad, a specific amount would be allocated.<\/p>\n<p>A School Meal Program would also be introduced in 200 primary schools in Islamabad to enhance the intellectual and physical health of young students.<\/p>\n<p>Moreover, the Finance Minister said that 26 colleges in Islamabad will be established into vocational institutes in collaboration with NUST, NUML, COMSATS, and NSU. &#8220;Early childhood Education centers will be established in 100 schools,&#8221; he said.<\/p>\n<h3>Defence Allocation<\/h3>\n<p>In the federal budget, Rs2,122 billion has been reserved for defense. It reflects a 19.29 percent increase as the allocation for fiscal year 2023-24 was Rs1,804 billion.<\/p>\n<p>The federal government had allocated Rs920 billion in the federal budget for 2017-18, Rs1,100 billion in 2018-19, Rs1,153 billion in 2019-20, Rs1,289 billion in 2020-21, Rs1,370 in 2021-22 and Rs1,563 billion in the budget for 2022-23.<\/p>\n<h3>Energy Sector allocation<\/h3>\n<p>Referring to the energy projects, the minister said Rs21bn has been allocated for a 600 MW power plant in Jamshoro, Rs14bn for a 500 kV transmission line in Lahore, Rs18bn for the Karachi Coastal Power Project, and Rs45bn for the Mohmand Dam Hydro Power Project.<\/p>\n<h2>Major Points in Federal Budget 2024-25<\/h2>\n<ul>\n<li>101 percent increase in the development budget<\/li>\n<li>81pc has been allocated for ongoing schemes and 19 for new schemes<\/li>\n<li>25 percent increase in salaries for BPS1-16<\/li>\n<li>22 percent increase in salaries for BPS17-22<\/li>\n<li>15 percent increase in pension<\/li>\n<li>Difficulties for non-filers to buy property<\/li>\n<li>End in tax exemption proposed<\/li>\n<li>17 major development projects included in the budget<\/li>\n<li>Sales tax to be applied to various goods, services<\/li>\n<li>15% Capital Gain Tax proposed on Real Estate<\/li>\n<li>15% Capital Gain Tax proposed on Securities<\/li>\n<li><\/li>\n<\/ul>\n<h2>Major allocations in Federal Budget 2024-25<\/h2>\n<ul>\n<li>Provinces &#8211; Rs7438 billion<\/li>\n<li>BISP &#8211; Rs597 billion<\/li>\n<li>National Highway Authority &#8211; Rs180 billion<\/li>\n<li>Energy sector &#8211; Rs253 billion<\/li>\n<li>Public Sector Development Programme (PSDP) &#8211; Rs1400 billion<\/li>\n<li>Karachi IT Park &#8211; Rs8 billion<\/li>\n<li>Cabinet Division &#8211; Rs75.77 billion<\/li>\n<li>Climate Change Division &#8211; Rs6.25 billion<\/li>\n<li>Defense sector &#8211; Rs2,122 billion<\/li>\n<li>Interior Division &#8211; Rs9 billion<\/li>\n<li>Petroleum Division- Rs3 billion<\/li>\n<li>Telecommunication &#8211; Rs28 billion<\/li>\n<li>\u00a0SUPARCO &#8211; Rs35 billion<\/li>\n<li>Railway Division &#8211; Rs43 billion<\/li>\n<li>Revenue Divison &#8211; Rs17 billion<\/li>\n<li>Water Resources &#8211;<\/li>\n<li>Quaid-e-Azam Health Tower in Islamabad &#8211; Rs5 billion<\/li>\n<li>Development projects in the poorest districts &#8211; Rs7 billion<\/li>\n<li>Karakoram Highway project &#8211; Rs6 billion<\/li>\n<li>Digitalization of the national economy &#8211; Rs4 billion<\/li>\n<li>Establishment of Danish school in Islamabad &#8211; Rs2 billion<\/li>\n<li>Establishment of 7 Danish schools in Azad Kashmir and Gilgit-Baltistan &#8211; Rs5 billion<\/li>\n<\/ul>\n<h2>Budget targets for FY 2024-25<\/h2>\n<ul>\n<li>GDP &#8211; 3.6%<\/li>\n<li>Economic Development &#8211; 3.6%<\/li>\n<li>Minor crop &#8211; 4.3%<\/li>\n<li>Cotton &#8211; 2.3%<\/li>\n<li>Live stock &#8211; 3.8%<\/li>\n<li>Forest &#8211; 3.1%<\/li>\n<li>Education progress &#8211; 3.5%<\/li>\n<li>Mining &#8211; 5%<\/li>\n<li>Industrial progress &#8211; 4.4%<\/li>\n<li>Service sector &#8211; 4%<\/li>\n<li>Fishery &#8211; 3.2%<\/li>\n<li>Agriculture sector &#8211; 2%<\/li>\n<li>Hotels\/Restaurants &#8211; 4.1%<\/li>\n<li>Real Estate &#8211; 3.7%<\/li>\n<li>Small industries &#8211; 8.2%<\/li>\n<li>Major industries &#8211; 3.5%<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>ISLAMABAD: Finance Minister Muhammad Aurangzeb presents the federal budget 2024-25 in the National Assembly as the government eyes on securing a long-term International Monetary Fund (IMF) bailout. The Pakistan Tehreek-e-Insaf (PTI)-backed Sunni Ittehad Council (SIC) lawmakers have staged a protest in the National Assembly in a bid to disrupt the speech of the finance minister. [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":39539,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18476,4,13446],"tags":[18506,18505],"class_list":["post-39471","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budget-2024-25","category-business","category-featured","tag-federal-budget-2024-24","tag-live-budget-2024-25"],"_links":{"self":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/39471","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=39471"}],"version-history":[{"count":1,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/39471\/revisions"}],"predecessor-version":[{"id":76974,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/39471\/revisions\/76974"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media\/39539"}],"wp:attachment":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media?parent=39471"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/categories?post=39471"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/tags?post=39471"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}