Bilawal Bhutto Zardari Backs Federal Budget After Key Tax Changes
In a significant turn of events, Bilawal Bhutto Zardari, the Chairperson of the Pakistan Peoples Party (PPP), announced the party’s full support for the federal budget. This decision comes after the government accepted crucial demands that resonate with many citizens. Specifically, the government exempted income tax for salaried individuals earning up to Rs100,000 and has reduced sales tax on solar panels—a move that could make solar energy more accessible to the average citizen.
While addressing the parliament, Bilawal pointed out that the annual income tax exemption threshold has been raised to Rs1.2 million. This means that a large segment of salaried individuals will no longer be burdened by income tax, providing them with much-needed financial relief. It’s a welcome change for many, especially in these challenging economic times.
Bilawal also highlighted that the PPP raised concerns regarding the arrest powers assigned to the Federal Board of Revenue (FBR). In a significant concession, the government assured that such powers would be restricted to cases of sales tax forgery. Furthermore, no arrests would occur during the inquiry stage, making this aspect of the budget less contentious for the party. Bilawal indicated that tax fraud would now be classified as a bailable offense, addressing the lingering anxieties about potential misuse of these powers.
Interestingly, earlier reports indicated that the PPP was contemplating not voting on the bill due to these very concerns. However, Deputy Prime Minister Ishaq Dar played a vital role in persuading the party to reconsider its stance. Dar mentioned that additional safeguards have been introduced in the Finance Act to help alleviate the PPP’s reservations.
Another noteworthy achievement from the budget discussion is the increase in the Benazir Income Support Program (BISP) budget by 20%, a demand strongly advocated by the PPP. With Rs716 billion allocated for the next fiscal year, this program aims to assist those who need it most.
In conclusion, the latest updates from the budget discussions signal a step in the right direction for the PPP, the government, and, most importantly, the citizens of Pakistan. With these reforms, there’s hope for a more equitable financial landscape. If implemented effectively, this budget could mark a positive shift in the economic well-being of many families across the nation.
