New budget takes effect from today

President signs Finance Bill into law

ISLAMABAD:

The president signed the Finance Bill-2024 into the law, effecting the enforcement of the federal budget from July 1 (today), the beginning of the next fiscal year, according to an announcement from the Media Wing of the President House on Sunday.

The Pakistan Muslim League-Nawaz (PML-N)-led coalition had unveiled a tax-laden budget on June 13. The Finance Bill was passed by the National Assembly on Friday with some amendments and sent to the president for his assent as per the law.

Opposition parties, largely supported by the incarcerated former premier Imran Khan, had rejected the budget, citing concerns over potential inflationary effects. Despite earlier boycotts, the government ally, the Pakistan Peoples Party (PPP) ultimately decided to support the Finance Bill.

President Asif Zardari formally assented to the bill under Article 75 of the Constitution, which specifies that the president cannot reject or object to the Finance Bill classified as a money bill. The bill would take effect from July 1, the media wing of the President House said.

The Article 75 (1) reads “When a Bill is presented to the President for assent, the President shall, within [ten] days,–(a) assent to the Bill; or (b) in the case of a Bill other than a Money Bill, return the Bill to the Majlis-e-Shoora (Parliament) with a message requesting that the Bill or any specified provision thereof, be reconsidered and that any amendment specified in the message be considered”.