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Budget 2024-25: What's getting expensive and what's getting cheaper?

10:06 AM | 12 Jun, 2024
Budget 2024-25: What's getting expensive and what's getting cheaper?
Source: File Photo

Pakistan is preparing to present Budget 2024-25, and prices of several items, especially basic commodities, are expected to rise due to factors like high food prices, currency devaluation, and potential IMF bailout conditions.

PML-N led alliance government is implementing changes such as introducing a 10pc sales tax on sectors currently enjoying no sales tax.

Furthermore, there are plans to gradually remove exemptions on sales and income tax, which could lead to increased prices for items like tractors and pesticides.

Imported items such as leather belt, purses, makeup products, glasses, fragrances, headphones, bath fittings, dyes, and some electronic appliances will also become more expensive due to increased taxes.

Good News for Solar Industry 

The incumbent government is considering incentives for local assembly of solar panels in the upcoming budget. There are no plans for new taxes on solar panels, except for inverters.

The government aims to attract Chinese manufacturers to Pakistan but no MoU was signed during a recent visit. Net-metering policy is not expected to change, and the government plans to encourage it further. About 0.3% of electricity consumers have rooftop solar net-metering connections.

On the positive side, the budget includes exemptions on customs duty for raw materials used in solar energy products, aiming to promote renewable energy adoption. To boost the IT sector, there will be a 0.25% concessional rate of income tax until June 30, 2026, and freelancers earning up to $24,000 per year will be exempted from sales tax registration and filing tax returns.

Reports quoting sources claimed withdrawal capping of fixed duties and taxes on the import of old and used vehicles of Asian makes above 1300cc, potentially increasing their prices.

Several measures are also being considered which will impact average. 

Daily Pakistan Global Web Desk

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Currency Rates Today - Pakistani Rupee to US Dollar, Euro, Pound, Dirham, Riyal - 14 July 2024

Pakistani currency rates against US Dollar and other currencies on July 14, 2024 (Sunday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 279.8 for buying and 280.75 for selling. Euro's buying rate moves up to 301.25 and selling rate is 303.15.

British Pound rate is 355.15 for buying, and 358.65 for selling. UAE Dirham AED was at 76.5 and Saudi Riyal lowered to 73.65.

Currency Rates Today

Source: Forex Association of Pakistan. (last update 08:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.8 280.75
Euro EUR 301.25  303.15
UK Pound Sterling GBP 355.15 358.65
U.A.E Dirham AED 76.5 77.25
Saudi Riyal SAR 73.65 74.37
Australian Dollar AUD 184.55 186.35
Bahrain Dinar BHD 741 749
Canadian Dollar CAD 203.75 205.75
China Yuan CNY 38.35 38.75
Danish Krone DKK 40.05 40.45
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.33 3.43
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 908.25 917.35
Malaysian Ringgit MYR 58.95 59.75
New Zealand Dollar NZD 169.24 171.24
Norwegians Krone NOK 26.04 26.34
Omani Riyal OMR 722.87 730.89
Qatari Riyal QAR 76.39 77.09
Singapore Dollar SGD 202 204
Swedish Korona SEK 26.5 26.8
Swiss Franc CHF 309.15 311.65
Thai Bhat THB 7.5 7.65

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