ISLAMABAD: Renowned singer and philanthropist Shehzad Roy announced that Prime Minister Shehbaz Sharif assured him to review the decision to impose a 10% sales tax on books in the federal Budget 2024-25.
In a post on his X handle, Roy mentioned that he also requested the prime minister and Planning Minister Ahsan Iqbal to reinstate the 25% tax rebate for teachers.
“They both reassured me that they will reconsider this decision with a favorable outcome,” he added.
The federal government, led by the Pakistan Muslim League-Nawaz (PML-N), has set an ambitious tax revenue target of Rs 13 trillion (approximately $46.66 billion) for the fiscal year starting July 1, a nearly 40% increase from the current year.
This budget aims to strengthen the case for a new bailout deal with the International Monetary Fund (IMF).
The ambitious revenue targets for the fiscal year through June 2025, presented by Finance Minister Muhammad Aurangzeb in parliament on June 12, align with analyst expectations. Total spending is projected to be Rs18.87 trillion ($68 billion).
Key objectives for the upcoming fiscal year include reducing the public debt-to-GDP ratio to sustainable levels and improving Pakistan’s balance of payments position, according to the government’s budget document.
The government projects a significant reduction in its fiscal deficit for the new financial year to 5.9% of GDP, down from an upwardly revised estimate of 7.4% for the current year.
