KP to present budget on May 24 before federal govt

PESHAWAR: A groundbreaking move by the Khyber Pakhtunkhwa (KP) government, with plans to reveal its 2024 budget for the fiscal year 2024-25 on May 24, preceding the federal government’s budget announcement.

Finance Minister of Khyber Pakhtunkhwa, Aftab Alam, has scheduled to present the budget for 2024 on May 24, with a legislative assembly meeting called for 3pm that day.

Alam urges the opposition to engage constructively about the forthcoming budget, amidst less than optimal interactions between the federal and KP provincial governments.

Read more: Pakistan Envisaged to Scrap Sales, Income Tax Exemptions in 2024-25 Fiscal Budget

New developments indicate that the Pakistan government might abolish certain tax exemptions in the fiscal budget for 2024-25, under the advice of the International Monetary Fund (IMF).

As per the financial proposals for 2024-25, the country is projected to progressively do away with sales and income tax exemptions.

Plans are also being considered for the introduction of a sales tax on agricultural essentials like tractors and pesticides, which could culminate in increased prices for these vital items.

At present, pesticides and their active ingredients, once registered with the Department of Plant Protection, benefit from a sales tax exemption as stipulated in the Sixth Schedule of the Sales Tax Act.

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