- Finmin Aurangzeb presents a financial bill at Lower House.
- All opposition changes have been rejected.
- The PM rents the economic team for the “balanced” budget.
The National Assembly approved the federal budget for the year 2025-2026 on Thursday, with certain amendments to the finance bill, despite strong opposition demonstrations.
The budget, for the financial year 2025-26, with a total expenditure of 17.57 billions of rupees was unveiled by the federal government two weeks ago.
The Minister of Finance Muhammad Aurangzeb presented the finance bill in the lower chamber, where she received support from the power coalition, including the Pakistani peoples’ party (PPP).
The finance bill was approved by a majority vote following a clause reading and the adoption of modifications through the vote process.
During the procedure, all the changes proposed by opposition legislators were rejected.
For the first time in the history of the country, the Standing Committee of the National Assembly on Finance has made changes to the bill on revised finances during the parliamentary process.
The revised finance bill 2025-26 has a threshold of 7 million rupees for vehicle purchases. If the value of the invoice for a vehicle or an import value manufactured locally as evaluated by the customs authority, including all the taxes, rights, statements and applicable costs, exceeds this amount, the buyer will be declared as an “non -eligible” person. These persons will have to show their financial status by presenting their latest income declarations produced during the request for the reservation, purchase or registration of the vehicle.
With regard to a request for registration, registration or certificate of transfer of any real estate property, there will be a threshold exceeding 100 million rupees as defined by fair market value.
With regard to investment in securities, debt securities, common fundraising units or monetary market instruments under the condition that the investment amounts to 50 million rupees will be new investments in any exercise excluding the reinvestment, either by the liquidation of a similar type of securities and or to reinvest yields made on titles already held, threshold limits Dollars.
Meanwhile, Prime Minister Shehbaz Sharif welcomed the whole economic team, in particular the Minister of Finance Muhammad Aurangzeb, for their hard work and their dedication in the preparation of the federal budget. He also expressed his gratitude to the federal office and the Allied political parties for their support for the finalization of the budget.
Earlier in the day, the federal office, during a meeting chaired by Prime Minister Shehbaz, approved the 2025 financial bill with amendments before being presented to the National Assembly for voting.
According to sources, the cabinet has also given the principle approval to the modifications proposed in several laws.
In a separate decision, the cabinet decided to form a committee to fight against a specific agenda linked to gas policy. The Committee will present its recommendations to the Supreme Court within the framework of the current legal proceedings.
Expressed Thursday at the National Assembly during a budgetary session, the president of the Pakistan Peoples Party (PPP), Bilawal Bhutto Zardari, praised the federal government’s decision to include key proposals presented by his party in the budget.
The former Minister of Foreign Affairs congratulated the outgoing government for having increased the Benazir income support program (BISP) by a 20%record, calling it “laudable stage” and a clear reflection of government’s commitment to social protection.
The PPP chief was of the opinion that the government had increased the annual exemption from income tax exemption for employees of 600,000 rupees to 1.2 million rupees – a decision he described as a major relief for the middle class.
Bilawal has also credited the active role of PPP in the guarantee of a 50% reduction in the taxes offered on solar panels.
The president of the PPP also said that the party had managed to advance the amendments to restrict the arrest powers of the Federal Board of Return (FBR).
He explained that by virtue of the revised provisions, the arrest powers could only be exercised after the end of the requests for information specifically involving fraud to the sales tax.
Bilawal Bhutto-Zardari expressed his gratitude to Prime Minister Shehbaz Sharif and the Minister of Finance Muhammad Aurangzeb for accepting the majority of PPP’s recommendations.
“Our commitment is to guarantee that each budgetary decision serves national interest and favors the well-being of ordinary citizens,” he added.