Pakistan President Approves Finance Bill 2024; Government Admits New Taxes in the Budget Cause Tension Among People

Pakistan President Asif Ali Zardari, on Sunday, approved the Finance Bill 2024 brought by the government. Much to the opposition's stiff opposition, the bill has been termed an IMF-driven document and harmful to the public.

The budget, forwarded by Finance Minister Muhammad Aurangzeb to the National Assembly on June 12, met with strong opposition from opposition parties, particularly former prime minister Imran Khan's Pakistan Tehreek-e-Insaf. This was followed by a lambasting by the ruling coalition partner, the Pakistan People's Party.

On Friday, the Parliament approved Rs 18,877 billion for FY 2024-25 and provided a breakup of expenditure by the government together with its income. Opposition parties had rejected the budget, stating that it would lead to high inflation.

The opposition lawmakers termed the budget as IMF dictated during the session of the National Assembly. Opposition leader Umar Ayub Khan lambasted the budget, calling it economic terrorism against the people.

The PPP, led by former foreign minister Bilawal Bhutto Zardari, had decided earlier this week to vote for the finance bill despite some objections. The PPP had opposed the budget initially. The budget was passed with some amendments in the National Assembly on Friday. The opposition made aggressive speeches against it and described the budget as unrealistic, anti-people, anti-industry, and anti-agriculture, Dawn newspaper reported. According to the President House's media wing, on Sunday, President Zardari approved the bill under Article 75 of the Constitution with the statement that the legislation would come into force from July 1. Under Article 75(1), the president has no power to disapprove or object to a finance bill.

Whereas Pakistan's Finance Minister Aurangzeb has admitted that people are under stress due to the taxes imposed in the budget. All the stringent revenue measures of the government were denounced by one and all. His remarks also came at a time when President Zardari accorded his approval to the Tax-based Finance Bill 2024 on the advice of the Prime Minister under Article 75 of the Constitution. According to a press release by the President's Secretariat, this bill will come into effect from July 1. Addressing a press conference, he said that he understands the salaried class, in particular is facing financial stress from additional taxes. He promised to provide relief to the salaried people if any kind of economic relief becomes possible. I fully understand the stress that people from different sectors are feeling about additional taxes. I fully sympathize with them. But we need to work for it, he said.