National Assembly approval clears the way for the federal budget as new tax measures and reforms move toward implementation.
ISLAMABAD: Pakistan’s National Assembly has approved the Finance Bill 2026-27 by majority vote, paving the way for the implementation of the upcoming federal budget. The government secured passage of the bill after rejecting all amendments proposed by the opposition.
The National Assembly session was chaired by Speaker Sardar Ayaz Sadiq, where Finance Minister Muhammad Aurangzeb presented the bill before lawmakers. On the finance minister’s motion, the routine agenda was suspended, while the report of the Standing Committee on Finance was also presented in the House.
The approved legislation introduces several tax reforms aimed at reshaping the country’s revenue system. Under the new measures, individuals earning up to Rs600,000 annually will remain exempt from income tax, while different income brackets will face tax rates ranging from one percent to 35 percent.
The bill also proposes a five percent withholding tax on income generated through social media platforms, YouTube, and other online sources.
New taxation measures for the property sector have also been included. From July 1, property sellers will be subject to an advance tax of 2.75 percent of the total transaction amount.
About The Author
