ISLAMABAD: The National Assembly on Thursday approved the Rs17.57 trillion federal budget for the fiscal year 2025-26, despite strong opposition from the Pakistan Tehreek-e-Insaf (PTI)-backed opposition benches.
Finance Minister Muhammad Aurangzeb presented the Finance Bill, which was passed by a majority vote after clause-by-clause readings and adoption of amendments supported by the ruling coalition, including the Pakistan Peoples Party (PPP). All opposition-proposed amendments were rejected.
This marks the first time in Pakistan’s parliamentary history that the National Assembly’s Standing Committee on Finance introduced amendments to the revised Finance Bill during the budget process.
Key features of the revised bill include:
- Vehicle Purchase Threshold: Buyers of locally manufactured or imported vehicles priced above Rs7 million (inclusive of all taxes and levies) will be deemed “ineligible persons” unless they present their most recent tax returns for booking, purchasing, or registering a vehicle.
- Property Transactions: A financial threshold of Rs100 million (based on fair market value) has been set for registering, recording, or attesting the transfer of immovable property.
- Investment Limits: New investments exceeding Rs50 million in securities, mutual funds, debt instruments, or money market products during a financial year—excluding reinvestments—will be subject to additional scrutiny.
Earlier in the day, the federal cabinet, chaired by Prime Minister Shehbaz Sharif, approved the Finance Bill 2025 with the proposed amendments before it was presented in the assembly.
PM Shehbaz praised Finance Minister Aurangzeb and the economic team for their efforts in finalising the budget and acknowledged the support of coalition partners. He also announced the formation of a committee to address gas policy issues, which will submit recommendations to the Supreme Court amid ongoing legal proceedings.
During the session, PPP Chairman Bilawal Bhutto Zardari welcomed the inclusion of several proposals put forward by his party. He particularly lauded the government’s decision to increase the Benazir Income Support Programme (BISP) allocation by a record 20%, calling it a strong commitment to social welfare.
The passage of the Finance Bill marks a key step in the government’s economic roadmap for the next fiscal year, as it seeks to balance growth, revenue collection, and social protection amid ongoing economic challenges.
