#etribune #GrowthBudget2024 #budget2024 #economicstability #taxreform #pakistaneconomy #sustainablegrowth #inflationcontrol #nationalassembly
Finance Minister Muhammad Aurangzaib unveiled the 2024-25 budget, terming it a "growth budget" with a strategic focus on economic growth. This budget aims to narrow the fiscal deficit by increasing government revenues and reducing unnecessary expenditures. A significant goal is to boost the tax-to-GDP ratio from 9.5% to 13%, while maintaining macroeconomic stability with stable economic indicators like inflation and foreign exchange reserves.
The government plans to overhaul the Federal Board of Revenue, enhancing digital processes and making tax compliance mandatory for everyone, thereby eliminating the concept of non-filers. This move is part of a broader effort to curb tax evasion, with specific attention on the retail and real estate sectors. Economic highlights include a substantial decrease in inflation from 38% to 11% and a controlled fiscal deficit. Additionally, the budget includes tax exemptions for essential health and educational products, though it excludes substandard packaged milk.
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