- FinMin Aurangzeb presents finance bill in lower house.
- All opposition amendments were rejected.
- PM lauds economic team for ‘balanced’ budget.
The National Assembly on Thursday approved the federal budget for the fiscal year 2025-26, with certain amendments to the Finance Bill, despite strong protests from the opposition.
The budget, for the FY 2025-26, with a total outlay of Rs17.57 trillion was unveiled by the federal government two weeks ago.
Finance Minister Muhammad Aurangzeb presented the finance bill in the lower house, where it received backing from the ruling coalition, including the Pakistan Peoples Party (PPP).
The finance bill was approved by a majority vote following a clause-by-clause reading and the adoption of amendments through the voting process.
During the proceedings, all amendments proposed by opposition lawmakers were rejected.
For the first time in the country’s history, the National Assembly’s Standing Committee on Finance has made changes to the revised Finance Bill during the parliamentary process.
The revised Finance Bill 2025-26 introduces a threshold of Rs7 million for vehicle purchases. If the invoice value for a locally manufactured vehicle or import value as assessed by the Customs Authority inclusive of all applicable taxes, duties, levies and charges exceeds this amount, the buyer will be declared as an “ineligible person”. These individuals will be required to show their financial standing by presenting their last filed tax returns when applying for booking, purchase, or registration of the vehicle.
Regarding an application for registering, recording or attesting transfer of any immovable property, there shall be a threshold exceeding Rs100 million as defined by fair market value.
In relation to investment in securities, debt securities, units of mutual funds or money market instruments subject to the condition that investment amounts up to Rs50 million shall be new investment in any financial year excluding reinvestment either by liquidation of similar type of securities and or reinvestment of returns earned on already held securities, threshold limit shall be exceeding Rs50 million.
Meanwhile, Prime Minister Shehbaz Sharif lauded the entire economic team, particularly Finance Minister Muhammad Aurangzeb, for their hard work and dedication in preparing the federal budget. He also expressed gratitude to the federal cabinet and the allied political parties for their support in finalising the budget.
Earlier in the day, the federal cabinet, in a meeting chaired by PM Shehbaz, approved the Finance Bill 2025 with amendments before it was presented in the National Assembly for voting.
According to sources, the cabinet also gave in-principle approval to proposed amendments in several laws.
In a separate decision, the cabinet decided to form a committee to address a specific agenda item related to gas policy. The committee will present its recommendations to the Supreme Court as part of ongoing legal proceedings.
Speaking in the National Assembly during a budget session on Thursday, Pakistan Peoples Party (PPP) Chairman Bilawal Bhutto Zardari has welcomed the federal government’s decision to include key proposals put forward by his party in the budget.
The former foreign minister praised the incumbent government for increasing the Benazir Income Support Programme (BISP) by a record 20%, calling it a “commendable step” and a clear reflection of the government’s commitment to social protection.
PPP leader was of the view that the govt had raised the annual income tax exemption limit for salaried individuals from Rs600,000 to Rs1.2 million — a move he described as a major relief for the middle class.
Bilawal also credited PPP’s active role in securing a 50% reduction in proposed taxes on solar panels.
The PPP chairman further said that the party had successfully pushed for amendments to restrict the Federal Board of Revenue’s (FBR) powers of arrest.
He explained that under the revised provisions, arrest powers could only be exercised after the conclusion of inquiries specifically involving sales tax fraud.
Bilawal Bhutto-Zardari expressed gratitude to PM Shehbaz Sharif and Finance Minister Muhammad Aurangzeb for accepting the majority of PPP’s recommendations.
“Our commitment is to ensure that every budgetary decision serves the national interest and prioritises the welfare of ordinary citizens,” he added.
