Lahore: Finance Minister of Punjab Mujtaba Shujaur Rahman announced that the province will present a tax-free budget for 2024-25 on June 12 amid inflation concerns, as reported by a news source on June 4.
According to the details, the international monetary funds (IMF) has urged Pakistan to reduce sales tax exemptions, likely raising prices for essentials like milk, tea, sugar, rice, flour, and packed milk, and to phase out tax exemptions in FATA and PATA by June 30.
If the federal budget date changes, Punjab will present its budget on June 14. The Punjab Kisan Card, worth PKR 400 billion, will be launched on August 14. The government is also in talks with foreign companies to improve public transportation.
The federal budget, delayed to June 10 due to Prime Minister Shehbaz Sharif’s visit to China from June 4-8, is expected to see increased inflation. The IMF has demanded the imposition of a 5-10% sales tax on sectors currently enjoying zero-rated sales tax, according to sources.
