Exciting News: KP Government to Present Budget 2024 on May 24
In a groundbreaking move, the Khyber Pakhtunkhwa government is set to unveil the budget for the fiscal year 2024-25 on May 24. Finance Minister Aftab Alam will present the budget, with the assembly session scheduled for 3pm.
Alam emphasizes the importance of a positive discussion about the upcoming budget, urging the opposition to refrain from unnecessary criticism. The relationship between the federal and KP governments is highlighted as suboptimal.
What to Expect: Tax Exemptions Likely to End in FY2024-25 Budget
Recent reports suggest that Pakistan is planning to terminate tax exemptions in the FY2024-25 budget, as requested by the IMF. Sales and income tax exemptions are expected to be phased out gradually.
Furthermore, the government is contemplating levying sales tax on agricultural essentials like tractors and pesticides, potentially impacting their prices. Currently, pesticides registered by the Department of Plant Protection are exempt from sales tax under the Sixth Schedule of the Sales Tax Act.
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