President of Pakistan Asif Ali Zardari signed the Finance Bill 2024 giving effective approval to the federal budget for the fiscal year 2024-25. The new budget will be applicable from July 1, 2024.
A signed copy of the Finance Bill has also been sent to Parliament. The federal government presented the budget of 18.877 trillion rupees in the National Assembly on June 28, 2024, amid opposition protests. Speaker Ayaz Sadiq presided over a meeting of the National Assembly in which the federal budget was approved. After deep consideration, the finance bill has been approved by the Finance Standing Committees of the National Assembly and the Senate.
During these discussions, Senator Bilal Ahmed Khan proposed that the government should focus on widening the tax net as well as utilizing the local resources of the country. Additional taxes should be exempted, while Sajid Mir supported the privatization of loss-making enterprises including PIA and Pakistan Steel Mills.
An improved Finance Bill was tabled in the Standing Committee deliberations, which has now received the President’s assent, effectively implementing the new budget.
