Islamabad (Web Desk): The federal budget for fiscal year 2024-25 will be presented in the National Assembly on Wednesday (today).
Finance Minister Muhammad Aurangzeb will present Rs18 trillion federal budget for the fiscal year 2024-25 in the House at 4pm.
According to details, 10 to 15% increase in the salaries of government employees is expected.
The target of tax collections is set at Rs12.9 trillion. It is likely that Rs800 billion is expected to be allocated for subsidies in the energy sector, while interest and loan payments are estimated. Rs9.5 thousand billion.
It has also been decided to introduce reforms to reduce the burden of pension on the national exchequer.
Meanwhile, a meeting of the federal cabinet will also be held today. The finance bill for the next financial year will be approved by the federal cabinet.
According to the sources, recommendations will be made to the cabinet regarding the increase in the salaries of government employees.
In the budget, it is proposed to increase the tax on imported mobile phones, while the federal excise duty is likely to be levied on imported mobile phones.
Moreover, 5% sales tax is likely to be imposed on petroleum products, while sales tax will be imposed on agricultural products, fertilizers, tractors and other equipment. A proposal to levy 10% sales tax on food, medicine, stationery is also under consideration.
As per the sources, end to tax exemption given to small and medium-sized enterprises (SMEs) has been proposed and increase in duties on imported goods and abolitions of sales tax exemption on food items has also been recommende in the annual budget.
