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Pakistan likely to present Rs9,300 billion deficit budget on June 7

09:25 PM | 13 May, 2024
Pakistand Budget 2024-25
Source: Representational photo

Pakistan's federal budget for the upcoming fiscal year (FY2024-25) is anticipated to be unveiled on June 7, with projected total expenditure reaching Rs 16,700 billion.

Initial estimates suggest expenditure on interest and loans to be around Rs 9,700 billion, while subsidies are estimated at Rs 1,500 billion.

Tax revenue is forecast to exceed Rs 11,000 billion, with direct taxes contributing Rs 5,300 billion and federal excise duty anticipated to yield Rs 680 billion. Sales tax is projected to generate over Rs 3,850 billion, while customs duty is expected to yield more than Rs 1,100 billion.

Non-tax revenue is estimated at Rs 2,100 billion, with the petroleum levy expected to contribute Rs 1,100 billion. The federal budget deficit is projected to be approximately Rs 9,300 billion, sources added.

Earlier reports suggested that the Pakistan government might eliminate tax exemptions in the FY2024-25 budget at the behest of the IMF.

Furthermore, there are discussions regarding imposing sales tax on tractors and pesticides, potentially resulting in price hikes for these crucial agricultural inputs. Currently, under the Sixth Schedule of the Sales Tax Act, pesticides and registered tractors are exempt from sales tax. However, there are deliberations to remove these exemptions and introduce a lower sales tax rate on both tractors and pesticides in the upcoming fiscal year.

Such measures could significantly impact farmers, raising the cost of agricultural machinery and pesticides, and placing a substantial burden on those reliant on these products.

Additionally, commercial importers may face withholding tax in the forthcoming budget, aimed at generating an additional Rs 30 billion in taxes.

The IMF has emphasized the need for "strong cost-side reforms" to restore the viability of Pakistan's energy sector.
 
 

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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