The Pakistan government will present the budget for the financial year 2024/25 on June 10, delayed from the original date of June 7 due to Prime Minister Shehbaz Sharif’s visit to Beijing from June 4 to June 8. Inflation may increase as the IMF has requested Pakistan to reduce sales tax exemptions.
ISLAMABAD: Pakistan will present the financial year 2024/25 annual budget on June 10, citing sources ARY News reported on Friday.
The budget was originally due to be presented on June 7 but was delayed because of Prime Minister Shehbaz Sharif’s visit to Beijing from June 4 to June 8, said sources.
Prime Minister Shehbaz Sharif will visit China from June 4 to 8 at the invitation of President Xi Jinping, Ministry of Foreign Affairs (MoFA) said on Friday.
During the three-segment trip, the prime minister will visit the cities of Xi’an and Shenzhen, besides Beijing, the Foreign Office spokesperson Mumtaz Zahra Baloch announced at her weekly press briefing.
She said that Shehbaz Sharif would meet President Xi Jinping and hold delegation-level talks with Premier Li Qiang in Beijing.
He will also hold meetings with Chairman of Standing Committee of the National People’s Congress Zhao Leji and heads of key government departments.
Moreover, inflation is likely to increase in the 2024-25 federal budget as the International Monetary Fund (IMF) has ‘asked’ Pakistan to reduce sales exemptions further.
As per details, the prices of milk, tea, sugar, rice, flour, and packed milk are likely to increase in the budget 2024-25 as the international lender has asked Islamabad further to reduce the sales tax exemptions for fresh loan.
The IMF has demanded imposing a 5-10% sales tax on the zero-rated sales tax sector, the sources said and added that pressure is being asserted to end tax exemptions in FATA and PATA by June 30.
According to budget proposals for the FY2024-25, Pakistan is likely to end exemption on sales and income tax, phase-wise.
As we approach the midpoint of 2024, all eyes are on the government as it prepares to present the budget for the fiscal year 2024-25 on June 10th. Sources have indicated that this will be a pivotal moment, shaping the economic landscape and setting the tone for future developments. The budget announcement carries significant weight and implications, impacting various sectors and individuals across the nation. Citizens, businesses, and analysts are eagerly awaiting the unveiling of the budget to gain a comprehensive understanding of the government’s fiscal priorities and policy direction. Furthermore, it is expected that the budget will outline strategies to address current challenges while also presenting opportunities for growth and development. With a keen focus on economic recovery and sustainability, it is essential for stakeholders to stay informed and engaged as we approach this crucial milestone. Stay tuned for updates and analysis as we delve into the details of the upcoming budget and its potential impact on the nation’s economic landscape.
Source: ARY NEWS
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