In a significant development, the Ministry of Finance has announced the postponement of the upcoming federal budget 2025 as it will be presented after Eid ul Azha 2025.
According to details, the highly anticipated budget 2025 will be presented on June 10. Previously, it government had announced that the budget 2025 would be presented on June 2.
Sources have revealed that the government’s negotiations with the International Monetary Fund (IMF) have not concluded. This is why the upcoming budget has been postponed till June 10.
Budget 2025 : 5% tax on soda, chips, ice-creams and more?
The federal government is expected to increase the federal excise duty (FED) on over 50 different kinds of ultra-processed foods by 5 per cent in the upcoming 2025 Budget.
In a major step to expand taxation revenue, the government is likely to impose further taxes on a wide range of ultra-processed foods, covering frozen foods, chips, carbonated drinks, instant noodles, ice cream, biscuits, frozen meat, sauces, ready-made meals, sausages, and many other kinds of ultra-processed foods.
It merits a mention that the International Monetary Fund (IMF) has imposed 11 new conditions on Pakistan for it to remain eligible for the loan.
The conditions by the IMF are strict, including approval of a new fiscal budget worth Rs17.6 trillion from the National Assembly, which would definitely witness a further rise in taxes.
The IMF conditions also involve increasing the taxes on electricity across the country to reduce the circular debt and lifting restrictions on imports of used cars.
The IMF has also made it obligatory for the provinces to implement the new Agriculture Income Tax laws through a comprehensive plan.
The comprehensive plan would involve the establishment of an operational platform for processing returns, taxpayer identification and registration, a communication campaign, and a compliance improvement plan.
