Rs4.8 Billion Allocated for Science and Technology

The government has allocated Rs4.8 billion for 31 schemes aimed at promoting science and technology. This investment underscores the administration’s focus on fostering innovation and technological advancement in Pakistan.

Rs9.8 Billion Set Aside for Daanish Schools

In addition to science and technology, the budget includes Rs9.8 billion for the construction of Daanish schools, reinforcing the government’s commitment to improving education infrastructure.

Finance Minister Vows Economic Transformation

During his budget speech, Finance Minister Muhammad Aurangzeb stated, “We will change the economic DNA by bringing basic changes.” This signals a shift toward structural reforms to drive sustainable economic growth.

New Taxes on E-Commerce and Digital Transactions

Tax on Online Business

• Goods and services purchased online will now be taxed.

• Individuals conducting online business will be subject to taxation.

Higher Tax on Interest Income

• The income tax rate on interest income is proposed to increase by 5%.

• The new rate will rise from 15% to 20%, as per the budget documents.

These measures aim to broaden the tax base and increase revenue from digital and financial transactions.

The budget reflects the government’s strategy to balance development spending with revenue generation, ensuring long-term economic stability.