The budget for the financial year 2024-2025, will be presented in the parliament on Wednesday. With a volume of Rs.18 000 billion, salaries are to increase 10-15 % for public employees, and a tax collection target of Rs. 12.9 trillion.
A proposal to increase Employee’s old age benefits institution (EOBI) funds by 10% is underway. The government hasn’t made the final decision. The petition is still under review; if the government does consider it, the proposal will come into effect after July.
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The government is to allocate Rs.9.5 trillion for interest and debt payments. Rs.800 billion subsidies are set- for the energy sector. The tax revenue target is Rs.12.9 trillion, with non-tax revenue of Rs.2100 billion.
Muhammad Aurangzeb takes EOBI funds as a liability. The government also aims to increase sales tax by 1%.
