Khyber Pakhtunkhwa government will present the budget for the fiscal year 2024–25 before the federal government on May 24. KP Finance Minister Aftab Alam stated, to hear the presentation of Khyber Pakhtunkhwa upcoming budget (2024-25), the provincial assembly will meet at 3 p.m. on May 24.

History will be made by the Khyber Pakhtunkhwa Government

Following the 18th Amendment, the government is showcasing its provincial autonomy, presenting Khyber Pakhtunkhwa upcoming budget to the federation and other provinces.

Features of Khyber Pakhtunkhwa Budget

Imran Khan’s ideology has served as the foundation for Khyber Pakhtunkhwa’s forthcoming budget.

It covers a wide range of public welfare, health, and education projects.

Because it is a non-political budget, it will unveil development projects for every provincial constituency.

Furthermore, the budget includes development projects for the constituencies of opposition members. The reports say, Form 45 will officially launch these projects (while Form 47 will take centre stage in the image).

Khyber Pakhtunkhwa Budget Preparation

To prepare the budget for Khyber Pakhtunkhwa, Finance Advisor Muzamil Aslam has presided over a hundred meetings.

Equally important, every point of the budget has been discussed. Moreover, budgeted for this year are such projects that can be finished on time and yield benefits for the whole community.

Meanwhile, each department provided inputs in the budget preparation process. In fact, Chief Minister Khyber Pakhtunkhwa Ali Amin Gandapur personally approved, disapproved, or modified each ADP scheme.

Taxation in the National Budget Proposed

The reports indicate that the IMF may pressure the Pakistani government to remove tax breaks from the FY2024–25 budget.

For this reason, Pakistan is considering the phased removal of income tax and sales tax exemptions.

Similarly, there is a consideration to impose a sales tax on insecticides and tractors. Consequently, it might result in higher costs for these essential farming products.

Right now, pesticides and the active substances are free from sales tax under the Sixth Schedule of the Sales Tax Act.

Conclusion

Khyber Pakhtunkhwa Finance Minister Aftab Alam underlined that constructive criticism of the next budget is far more important than just criticizing it. He also emphasized how poorly the federal and KP governments get along.