Abb Takk News

KP budget 2024-2025 to be presented today

PESHAWAR: The Provincial government of Khyber Pakhtunkhwa will be presented the budget for fiscal year 2024-2025 today.

Khyber Pakhtunkhwa Finance Minister Aftab Alam Afridi will present the budget in the Khyber Pakhtunkhwa Assembly at 03:00 in the afternoon.

Chief Minister Khyber Pakhtunkhwa Ali Amin Gandapur in a statement said that the provincial government will present a historical welfare relief budget for the people of the province.

Aftab Alam Afridi emphasized the importance of positive dialogue from the opposition rather than mere criticism of the upcoming budget. He also highlighted the less than ideal working relationship between the federal and KP governments. Recent reports suggest that the Pakistan government may abolish tax exemptions in the FY2024-25 budget at the insistence of the IMF. As per the budget proposals for the fiscal year 2024-25, Pakistan is considering the gradual elimination of exemptions on sales and income tax. Furthermore, there is contemplation regarding the imposition of a sales tax on tractors and pesticides, potentially leading to increased prices for these crucial agricultural inputs. Currently, under the Sixth Schedule of the Sales Tax Act, pesticides and their active ingredients registered by the Department of Plant Protection are exempt from sales tax.