ghazi52
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- Mar 21, 2007
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Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on Tuesday wrapped up discussions on the Federal Budget 2024-25 in the National Assembly, maintaining higher tax rates on the salaried group, and announcing an honoraria amounting to 3-month basic pay for the staff and officers of the National Assembly and Senate.
“Budget 2024-25 is based upon a homegrown reform plan under which the government wants to pull the country out of the current economic situation and for this economic reforms are needed,” said Aurangzeb as he began the discussion.
He said the government aims to increase the tax-to-GDP ratio to 13%, pursue the privatisation programme, and implement SOE and energy sector reforms.
The finance minister said the government intends to prioritise the private sector, correct the incentives and shift from a government-led to market-driven economy.
“On the income tax front, before blocking mobile SIMs and banning international travel for non-filers, they will be provided an opportunity of a personal hearing.
“Under Section 116, an explanation will be included in the declaration of foreign assets and assets of spouse, in case of spouse being dependent on the taxpayer.
“Budget 2024-25 is based upon a homegrown reform plan under which the government wants to pull the country out of the current economic situation and for this economic reforms are needed,” said Aurangzeb as he began the discussion.
He said the government aims to increase the tax-to-GDP ratio to 13%, pursue the privatisation programme, and implement SOE and energy sector reforms.
The finance minister said the government intends to prioritise the private sector, correct the incentives and shift from a government-led to market-driven economy.
“On the income tax front, before blocking mobile SIMs and banning international travel for non-filers, they will be provided an opportunity of a personal hearing.
“Under Section 116, an explanation will be included in the declaration of foreign assets and assets of spouse, in case of spouse being dependent on the taxpayer.