357% Increase ‘Proposed’ for IT Sector in Budget 2024-25
According to the latest reports, the federal budget 2024-25 is likely to be presented on June 12. The Pakistan Economic Survey 2023-24 is scheduled to be presented on June 11, following a council meeting on June 10. The budget presentation was initially scheduled for June 10 but has been rescheduled.
Sources claim that the federal government has proposed a substantial 357% increase in the budget for the IT sector in 2024-25. The Ministry of IT has been allocated Rs 27.43 billion in the development budget, with Rs 6.28 billion designated for 15 new projects. Moreover, Rs 21.15 billion is assigned for ongoing projects, and Rs 3.5 billion is set aside for the Digital Economy initiative.
Federal budget 2024-25 likely to be presented on June 12
In a related development, the government has announced a record increase in the budget for education, allocating Rs 20.25 billion for the 2024-25 budget. The federal budget, initially scheduled to be presented on June 10, is now likely to be presented on June 12.
According to budget proposals for the budget 2024-25, Pakistan will probably end exemption on sales and income tax, phase-wise. The government is also considering imposing a sales tax on tractors and pesticides. It will potentially lead to price hikes for important agricultural products. Presently, under the Sixth Schedule of the Sales Tax Act, pesticides and their active ingredients registered by the Department of Plant Protection are exempt from sales tax.
