The sources say imported chocolate, milk, yogurt, clothing, soap, shampoo, hair color, makeup, perfumes, lotions, ghee, cooking oil, baby milk, sugar, tea leaves, beverages, cosmetics, artificial jewelry, electronics, and watches would also become more expensive.
ISLAMABAD: (UrduPoint/Pakistan Point News-June 12nd, 2024) New Budget for Financial Year 2024-25 was prepared in consultation with the IMF and would be presented after approval from the federal cabinet, the sources close to the development said on Wednesday.
The sources said that the proposed total volume of the federal budget is set at 18,500 billion rupees, with a budget deficit of 9,800 billion and 9,700 billion allocated for interest on loans.
The Federal board of Revenue's tax target is proposed to be approximately Rs12,970 billion.
As many as Rs1,500 billion would be spent on development projects under the PSDP, and the defense sector's budget is proposed to be over 2,100 billion rupees.
The inflation target is set at 12%, and the economic growth rate target is 3.6%. Measures will be taken to tighten the noose around non-filers, and tax exemptions worth billions of rupees will be abolished. The prices of old imported cars, imported mobile phones, and imported food items are expected to rise.
The federal budget proposes a petroleum levy of 1,080 billion rupees. Besides it, it is proposed to eliminate tax exemptions amounting to 3,879 billion in the current fiscal year under sales tax, income tax, and customs duties.
The new budget would remove tax exemptions for various sectors and tighten the noose around non-filers.
The sources said that imported chocolate, milk, yogurt, clothing, soap, shampoo, hair color, makeup, perfumes, lotions, ghee, cooking oil, baby milk, sugar, tea leaves, beverages, cosmetics, artificial jewelry, electronics, and watches would also become more expensive.
A salary increase of 10 to 15 percent is expected for employees, with more relief for lower-level employees. The income tax exemption limit is proposed to be increased from 600,000 to 900,000 rupees annually.
