Islamabad, Mobile Phone Prices Increase in Budget 2024-2025, Senator Muhammad Aurangzeb, who is the Federal Minister for Finance and Revenue, suggested big changes in tax rules when he introduced the federal budget for the year 2024-25.
How much tax Govt. is going to impose
During his speech about the budget in the National Assembly, the finance minister mentioned that the government plans to add an 18 percent sales tax to different types of mobile phones. This means that people might have to pay more money when they buy mobile phones because of this new tax.
The federal government also wants to make big changes in tax rules to collect more money. They might take away special rules that let some items avoid taxes, depending on what kind of items they are.
Additionally, the government wants to make it more expensive to import luxury cars that cost more than $50,000. They also want to increase the tax on bringing in steel and paper products from other countries.
These changes are part of the government’s plan to get more money to run the country. They hope that by adding taxes and making imports more expensive, they can collect more money for things like schools, hospitals, and other important services.
Muhammad Aurangzeb is presenting Pakistan’s budget for the year 2024-25, with a total amount of Rs18 trillion.
The National Assembly (NA) session started with the recitation of the Holy Quran followed by the national anthem. Prime Minister Shehbaz Sharif is also attending the session.
At the beginning of his speech, Finance Minister Aurangzeb praised PM Shehbaz Sharif and his team for their efforts over the past year to improve the economy. He promised that Pakistan will soon experience economic growth that includes everyone and is sustainable.
The finance minister announced that the development budget will increase by 101 percent. He mentioned that 81 percent of this budget will be used for ongoing projects, while 19 percent will be allocated for new projects.
He also talked about specific development projects in Azad Kashmir and merged districts. He emphasized that completing ongoing projects is a top priority for the government. Additionally, he outlined the government’s focus areas, which include export, equity, empowerment, environment, and energy, following a framework called the 5-E framework.
The government has allocated funds for various projects, such as Rs5 billion for the Quaid-e-Azam Health Tower in Islamabad, Rs7 billion for development projects in the poorest districts, Rs6 billion for the Karakoram Highway project, Rs4 billion for digitalizing the national economy, Rs2 billion for establishing a Danish school in Islamabad, and Rs5 billion for establishing seven Danish schools in Azad Kashmir and Gilgit-Baltistan.
These allocations show how the government plans to spend money on important projects to improve healthcare, education, infrastructure, and digitalization, among other areas, to benefit the people of Pakistan.
