Budget 2024-25 made on IMF’s advice: Finance Minister

Federal Finance Minister Muhammad Aurangzeb has admitted that the federal budget 2024-25 was tabled as proposed by the International Monitory Fund.

The federal minister made this revelation while speaking to Geo News after presenting the budget on Wednesday in the National Assembly,

He said that the target of tax collection is of Rs 12,970 billion, which “will be achieved”.

The new raise in taxes would fetch additional revenues of Rs3.8 trillion in line with the IMF demands.

To penalise non-filers, the rate for non-filers for dealers, distributors, and wholesalers is being enhanced from 0.2% to 2% and for retailer non-filers from 1% to 2.5%.

Aurangzeb further said that the category of non-filers will be abolished and everyone will be made filers.

The minister also hinted at an increase of Rs69 to Rs80 would be increased on petroleum products.

He said there was no other option but to bring traders under the fixed tax regime.

The Finance Minister said that this month exporters will be given good news regarding electricity prices.

It is worth mentioning here that the federal government presented a federal budget of Rs 18.97 trillion for the financial year 2024-25 with a deficit of Rs 8,500 billion in the National Assembly.

The Finance Minister said that the value of the rupee had decreased by Rs40 in one year, inflation was at such a level that people were going below the poverty line, the standby agreement ended the uncertainty, the IMF program came to an end in June last year.