ISLAMABAD ( WNAM REPORT): The National Assembly on Thursday approved the Rs17.57 trillion federal budget for the fiscal year 2025-26 with certain amendments, rejecting opposition calls for public consultation and clearing the way for a raft of tax reforms, revenue measures, and government spending plans for the coming year.
The Finance Bill 2025 — aimed at giving effect to the federal government’s financial proposals for the fiscal year starting July 1, 2025, and amending various existing laws.
The session, chaired by Speaker Ayaz Sadiq, began with Finance Minister Mohammad Aurangzeb moving the Finance Bill 2025, which was taken up for a clause-by-clause review.
Opposition members proposed an amendment to delay the approval of the bill and seek public consultation, but this amendment was overwhelmingly rejected.
Aurangzeb moved to introduce the Finance Bill in the form recommended by the Standing Committee, despite opposition objections. One of the key clauses approved during the session addressed sales tax fraud. The bill introduced measures for arresting individuals involved in tax fraud, including penalties for issuing invoices without the delivery of goods or tampering with tax records.
Additionally, amendments allowed for the arrest of individuals attempting to destroy tax evidence or providing false information in tax returns.
Another important provision of the Finance Bill 2025 included a carbon levy of Rs2.50 per liter on petroleum products, which was approved under clause 3. The opposition’s amendments on this clause were also rejected. Furthermore, the bill imposed a 10% sales tax on solar panels to promote sustainable energy while generating government revenue.
The Customs Act of 1969 was also amended to enhance anti-smuggling efforts. The new provisions mandated the installation of cargo tracking systems for better monitoring of imports, exports, and transit goods. Penalties were introduced for not using the electronic bill (e-bill) system for the domestic movement of goods, and severe fines and imprisonment were imposed for tampering with tracking devices.
