ISLAMABAD: President Asif Ali Zardari approved the Finance Bill 2024 on Sunday for the upcoming fiscal year, which will take effect from July 1, 2024.
The head of state approved the finance bill under Article 75 on the advice of Prime Minister Shehbaz Sharif, according to a statement issued by the President House.
The development follows two days after the budget passed through the National Assembly with some amendments.
The federal government presented the tax-heavy Rs18.877 trillion budget for the fiscal year 2024-25 (FY25) two weeks ago, drawing sharp criticism from opposition parties, who termed it “economic terrorism” against the people.
The finance bill was endorsed by the ruling alliance, including the Pakistan Peoples Party (PPP). The motion was passed by a majority vote, leading to the passage of the Finance Bill 2024 after a clause-by-clause reading and the adoption of amendments through the voting process.
All the amendments presented by the opposition members were rejected.
As per Article 75(1) of the Constitution, the president must give his assent to the approved bill of parliament within 10 days of its receipt.
“In the case of a Bill other than a Money Bill, the president may 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,” it states.
