Acting President Sadiq Sanjrani ratified the Finance Bill 2023-2024 on Monday, paving the way for it to take effect on July 1, 2023.
The finance bill was passed onto Acting President Sadiq Sanjrani for final approval following its successful navigation through parliament. This occurred while President Arif Alvi was in Saudi Arabia for the Hajj pilgrimage.
Read: Senate Chairman Sadiq Sanjrani Assumes Role of Acting President during President’s Hajj
The National Assembly approved the Finance Bill 2023-2024 on Sunday morning, thereby greenlighting the budgetary proposals for the upcoming fiscal year.
As presented by Finance Minister Ishaq Dar, the bill amounts to Rs14,480 billion.
The House approved the federal budget with certain revised targets to satisfy the International Monetary Fund (IMF) to reignite the currently suspended loan program.
In line with the revisions, the tax collection target was increased to Rs 9,415 billion, a rise from the previous target of 9,200 billion.
The budget allocates Rs801 billion for pension payments, an increase from the initial allotment of Rs761 billion.
