ISLAMABAD: President Asif Ali Zardari has signed the Finance Bill 2024, officially approving the federal budget for the fiscal year 2024-25. The signed bill will now be forwarded to Parliament for further proceedings, with the new budget slated to come into effect from July 1.
The approval follows the passage of the federal budget by the National Assembly on June 28, despite significant opposition protests during the session. Chaired by Speaker Ayaz Sadiq, the assembly endorsed the budget amounting to Rs18.877 trillion. However, tensions escalated as opposition members staged a walkout after being denied the opportunity to voice their objections during the passage of the financial bill.
The contentious budget session also witnessed the approval of increased tax rates on international air travel tickets, effective from July 1. Economy and economy plus class passengers will now incur an additional Rs12,500 tax on international tickets. The tax hike is more substantial for business, club, and first-class travelers, particularly for flights to North, Central, and South America, with rates raised to Rs350,000. Similarly, business and club class tickets to the USA and Canada now carry a tax of Rs100,000.
Prime Minister Shehbaz Sharif, addressing the preparations for the fiscal year budget, emphasized aligning with recommendations from the International Monetary Fund (IMF). He expressed optimism regarding a positive response from the IMF, highlighting plans to present further details to the house by Wednesday.
The approval of the Finance Bill marks a critical step in Pakistan’s fiscal policy amid economic challenges and IMF guidelines, setting the stage for ongoing debates and implementations crucial to the nation’s financial stability and development goals.
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