President Asif Ali Zardari has signed the Finance Bill-2024 into law, making the federal budget effective from July 1 (today), the start of the new fiscal year.
The National Assembly passed the bill on Friday with some amendments before sending it to the president for approval.
The Opposition, largely supported by former premier Imran Khan, rejected the budget, expressing concerns about potential inflation.
Despite earlier boycotts, the Pakistan Peoples Party (PPP), a government ally, ultimately supported the Finance Bill.
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The new budget includes a 48 percent increase in direct taxes and a 35 percent hike in indirect taxes compared to revised estimates for the current year. Non-tax revenue, such as petroleum levies, is expected to rise by 64 percent.
Specific tax increases include an 18 percent tax on textile and leather products, mobile phones, and higher taxes on capital gains from real estate. Workers will also face higher direct income taxes.
