President Asif Ali Zardari has given his approval to the tax-heavy Finance Bill 2024, which is part of the government’s budget for next year. This move follows the National Assembly’s passing of the budget with amendments, after weeks of criticism and debate. Despite opposition from parties like PTI and PPP, the bill was ultimately approved by President Zardari as mandated by the Constitution.
The budget includes new tax measures and exemptions, aimed at meeting IMF criteria and generating additional revenue. Amendments to the bill also involve changes to property taxes, levies on diesel and petrol, and increased travel allowances for lawmakers. The budget sets a challenging tax revenue target, with the government in talks with the IMF for a loan of $6-8 billion.
Overall, the budget aims to reduce the fiscal deficit, boost economic growth, and manage inflation. However, concerns remain about the potential inflationary effects of the budget and the need for structural reforms to broaden the tax base. The coming year’s growth target is set at 3.6% with projected inflation at 12%.\
[ad_2]
Source link
