The government of Pakistan presented the budget for the fiscal year 2024-25 on Wednesday. media takes a look at some of the key highlights of the documents.
Economic growth target fixed at 3.6% for fiscal year 2024-25
Inflation seen at 12% in FY2024-25
Total outlay of the budget for FY25 is Rs18.9 trillion
Gross revenue receipts expected at Rs17.8 trillion
Non-bank borrowing expected at Rs2.662 trillion
Rs5.142 trillion expected from bank borrowing
Rs666 billion earmarked for net external receipts
Privatisation proceeds expected at Rs30 billion
Rs9.775 trillion earmarked for interest payments
Rs1.014 trillion to be spent on pensions
Rs2.122 trillion allocated for Defence affairs and services
Rs1,777 trillion earmarked for grants and transfers to provinces
Rs1,363 trillion to be spent on subsidies
Running of civil government and emergency provision expected to consume Rs1,152 trillion
Rs1,674 trillion allocated for development and net lending
Overall fiscal deficit is at Rs7.283 trillion
Overall fiscal deficit at GDP 5.9%, down from the revised 7.4% of FY2023-24
FBR taxes envisaged at Rs12.97 trillion, around 40% higher than outgoing fiscal year
Non-tax revenue envisaged at Rs4.8 trillion
Federal PSDP budgeted at Rs1.400 trillion
Increase in allocation of BISP from Rs466 billion to Rs592 billion, subsidy allocation of Rs65 billion for utility stores corporation, Rs10 billion kept for Ramzan package
Pensions of government employees to be increased by 15%
25% increase in salaries of Grade 1 to 16 and 20% in Grade 17 to 22
Rs37,000 minimum wage proposed
Extra Federal Excise Duty (FED) of Rs1,000 per ton imposed on cement, bringing total FED to Rs3,000 per ton of cement dispatched
GST exemption granted to the FATA/PATA region to be removed
Sales tax rate for point-of-sale (POS) retailers dealing in leather and textile products increased from 15% to 18%
Maximum limit for petroleum levy enhanced for petrol and diesel to Rs80 per litre
Withdrawal of custom duties exemptions on CBU imports of hybrid vehicles
Withdrawal of concession on import of electric vehicles with value exceeding US$ 50,000
Advance tax on registration of motor vehicles above 2,000 cc will be fixed at a certain amount in proportion to the value of the vehicle
Iron and steel scrap to be exempted from levy of sales tax
Rs253bn allocated for development of energy sector
‘National Fiscal Pact’ proposed with all provinces
American Dollar Exchange Rate