ISLAMABAD: Renowned singer Shehzad Roy has urged the PML-N-led government of Pakistan to reverse its decision to impose a 10% sales tax on books in the Budget for 2024-25. In a recent post on X, Roy revealed that he discussed the matter with Prime Minister Shehbaz Sharif and Planning Minister Ahsan Iqbal, advocating also for the reinstatement of a 25% tax rebate for teachers. Both officials assured Roy that they would review these policies, hinting at a positive outcome.
The federal government, under the leadership of PML-N, has ambitiously set a tax revenue target of Rs13 trillion (approximately $46.66 billion) for the fiscal year beginning July 1, marking a substantial 40% increase from the current year. This budget aims to strengthen Pakistan’s case for a new IMF bailout deal. Finance Minister Muhammad Aurangzeb presented these targets in parliament on June 12, aligning closely with the expectations of financial analysts. Total expenditures are projected at Rs18.87 trillion ($68 billion).
Critical objectives for the upcoming fiscal year include reducing the public debt-to-GDP ratio to sustainable levels and prioritizing improvements in Pakistan’s balance of payments. The government anticipates a significant reduction in the fiscal deficit to 5.9% of GDP for the new financial year, down from an adjusted estimate of 7.4% for the current year, according to the government’s budgetary plans.
