The National Assembly is expected to approve the Budget 2024-25, including the Finance Bill, 2024, with certain amendments. According to the business agenda of the National Assembly, the House has already completed the first six items of business. The focus will now shift to agenda items seven and eight, which pertain to the passage of “The Finance Bill, 2024.”
Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, will present “The Finance Bill, 2024” in the House for approval. The Finance Bill outlines the government’s financial policies and proposed taxation measures for the upcoming fiscal year. Sources indicate that the government plans to incorporate some recommendations from the Senate and additional amendments into the Finance Bill, 2024.
The opposition is expected to submit around 50 amendments to the Finance Bill. These amendments will likely address concerns over proposed taxes on salaried individuals, food items, and other essential goods. Despite these submissions, sources suggest that the government is likely to reject most of the opposition’s proposed amendments.
The Finance Bill, the finance minister will lay several important documents before the House under Article 83 of the Constitution of Pakistan. These documents include:
Schedule of Authorized Expenditure 2024-25 Supplementary Schedule of Authorized Expenditure 2022-23 and 2023-24 Excess Schedule of Authorized Expenditure 2022-23
These schedules provide detailed information on the authorized and supplementary expenditures for the mentioned fiscal years, ensuring transparency and accountability in government spending.
The finance minister will also present the Excess Grants for discussion and voting. These grants pertain to expenditures other than those charged upon the Federal Consolidated Fund for the financial year 2022-23. The House will also discuss and vote on Charge Excess Expenditures for the same financial year.
The government’s stance on the opposition’s proposed amendments is clear. Despite the anticipated submission of around 50 amendments, the government is likely to reject them, focusing on maintaining the integrity of its proposed financial policies and budgetary allocations. The opposition’s amendments primarily aim to alleviate the tax burden on salaried individuals and essential goods, reflecting their concerns over the potential impact on the common citizen.
The Finance Bill, 2024, will have significant implications for Pakistan’s economy and its citizens. Key aspects of the bill include:
Taxation Policies: The bill outlines new taxation policies, which are crucial for generating government revenue. The opposition’s amendments aim to modify these policies to reduce the financial burden on specific groups.
Government Spending: The Schedule of Authorized Expenditure and Supplementary Schedules provide a roadmap for government spending, ensuring that funds are allocated to priority areas.
Economic Reforms: The bill is part of a broader effort to implement economic reforms, improve fiscal discipline, and promote sustainable economic growth.
