Islamabad: Federal Finance Minister Muhammad Aurangzeb on Wednesday unveiled the Rs17,573 billion budget for the fiscal year 2025-26 with the total outlay of Rs17,573 billion.
Finance minister said in his speech he was honoured to present second budget for the incumbent government. He thanked Prime Minister Shehbaz Sharif, Bilawal Bhutto Zardari, Khalid Maqbool Siddiqui and others for their support in the budget.
He said the timing of the budget was historic as the whole nation was united against India during the recent tensions.
Speaking on the NA floor, the finance minister said the federal budget being presented at an "extremely important and historic moment," while praising national unity during recent tensions with India.
"This budget comes at a pivotal time for our nation's future," he said, commending the country's military and political leadership for their "successful handling of recent war-like situation" with India.
"The entire nation demonstrated remarkable unity during the recent Pakistan-India conflict," Aurangzeb said, extending congratulations to both military and civilian leadership for their "victorious response
"This budget comes at a pivotal time for our nation's future," he mentioned, praising the nation's military and political leaders for their "successful handling of war-like situation" with India.
Scenes of pandemonium were observed as soon as the budget session commenced as the opposition members started disrupting the speech of the finance minister.
Referring to the recent economic situation, Aurangzeb noted that inflation has come down significantly, while remittances were $36 billion in 10 months.
Recalling the achievements under PM Shehbaz-led government, the finance minister highlighted reforms in the Federal Board of Revenue (FBR), saying that Pakistan's tax-to-GDP ratio was only 10%. "It was imperative to increase the ratio to 14%."
He said the IMF has shown trust in the reforms undertaken by the incumbent government and those claiming about the minibudget have turned silent now.
He has announced to change the procedure for filing income tax return from July 01.
He announced that return form of 8 columns will be abolished and 7-column form will be introduced. this change has been made keeping in view salaried class and small businesses.