President Asif Ali Zardari has officially given his assent to the government’s Finance Bill 2024, which is set to take effect from July 1. The bill, described as tax-heavy, encountered significant opposition from various political factions.
The government presented the budget two weeks ago, leading to sharp criticism from opposition parties, particularly the Pakistan Tehreek-e-Insaf (PTI) and the coalition ally Pakistan People’s Party (PPP). Finance Minister Muhammad Aurangzeb introduced the finance bill in parliament, where it was subject to amendments and debate by the ruling alliance led by Prime Minister Shehbaz Sharif and the opposition.
Opposition parties, including those supported by the currently incarcerated former premier Imran Khan, rejected the budget, labeling it as highly inflationary. Despite initial boycotts and reservations, the PPP decided to vote in favor of the finance bill earlier this week.
On Friday, the National Assembly passed the budget with several amendments after intense debates and speeches from opposition members who criticized it as unrealistic, anti-people, anti-industry, and anti-agriculture.
Today, President Zardari assented to the bill in accordance with Article 75 of the Constitution. Under Article 75 (1), the president does not have the authority to reject or object to a finance bill, which is classified as a money bill as per the Constitution.