PESHAWAR: In an unprecedented move, the Khyber Pakhtunkhwa government has announced its intention to unveil the budget for the fiscal year 2024-2025 on May 24, preceding the federal government’s presentation.
Aftab Alam, the Finance Minister of Khyber Pakhtunkhwa, revealed plans to deliver the budget for 2024 on the aforementioned date, with the assembly session scheduled for 3 pm.
Alam urged the opposition to adopt a constructive approach rather than merely criticizing the forthcoming budget, highlighting the less than ideal rapport between the federal and provincial governments.
Recent reports indicate that the Pakistan government may revoke tax exemptions in the upcoming fiscal year 2024-2025 budget, responding to demands from the International Monetary Fund (IMF).
Proposed budget measures suggest the gradual elimination of exemptions on sales and income tax. Additionally, there are considerations to impose sales tax on items such as tractors and pesticides, potentially resulting in elevated prices for these vital agricultural inputs.
Presently, pesticides and their active components, as registered by the Department of Plant Protection, enjoy exemption from sales tax under the Sixth Schedule of the Sales Tax Act.
