Advertisement
Categories: BusinessNews

Government to Cut Rs 250 Billion from Federal Budget, Says Minister Ahsan Iqbal

Advertisement

Federal Minister for Planning Ahsan Iqbal announced that the government would reduce Rs 250 billion from the proposed budget for the fiscal year 2024-25.

Speaking to the media, Ahsan Iqbal confirmed the cut, stating it was necessary to address the revenue shortfall. Consequently, the federal development program will face a significant reduction.

“The Public Sector Development Programme’s (PSDP) budget has been reduced from Rs 1400 billion to Rs 1150 billion,” the minister added.

Iqbal emphasized that this adjustment aims to alleviate the public and agriculture sector from additional tax burdens.

Earlier on Monday, the Senate of Pakistan approved recommendations for the federal budget 2024-25, including setting the minimum monthly wage for laborers at Rs 45,000.

The Senate approved 128 recommendations presented by the Senate Standing Committee on Finance Chairman Saleem Mandviwala. Among these, the reduction of indirect taxes by 50 percent and an increase in direct taxes were highlighted.

The Senate also suggested exempting 660 CC cars from customs duty similar to electric vehicles, abolishing taxes on the construction sector, introducing a one-window operation for overseas Pakistanis to invest, imposing uniform taxes on imported and local solar panels, and reducing taxes on eight stationery items.

Advertisement
News Desk

Recent Posts

inDrive Partners with Essa Labs to Offer Drivers Up to 40% Off on Health Tests

inDrive, a global mobility and urban services platform, has joined hands with Essa Labs to…

3 days ago

tapmad Champions Hockey On and Off the Screen: Shamsher and Live Tournaments Bring the Sport Back into the Spotlight

tapmad Entertainment has cemented its position as a pioneer in Pakistan’s digital entertainment space, not…

3 days ago

Airblue Announces 14% Discount on Fares in Celebration of Independence Day

Airblue, one of the country’s leading private airlines, has announced a 14% discount on selected…

3 days ago

Ecommerce sector urges Govt for tax reduction and level playing field: PEA

The Pakistan eCommerce Association (PEA) has urged the government to reduce the tax burden on…

5 days ago

Digital Inclusion, Affordability, and the Battle Against Cash Dominate Jazz Leadership’s GSMA Summit Address

From highlighting the need for affordable smartphones and universal internet to pushing for a cashless,…

5 days ago

Blogging Tops Career Dreams for 42% of Youngsters: Kaspersky Survey

Kaspersky research findings show that 42% of children surveyed from the Middle East, Turkiye and…

1 week ago