President Asif Zardari has given his assent to the Finance Amendment Bill 2024, making it law. The signed copy of the bill has been sent to Parliament.

The new federal budget, totaling PKR 18,877 billion, will come into effect on July 1st.

The Amended Finance Bill, which was passed by the National Assembly on Friday with several amendments, introduces changes to various taxes and duties.

The implementation of the bill is expected to generate over PKR 200 billion in additional tax revenue.

The bill, along with related documents, was signed by Prime Minister Shehbaz Sharif and sent to President Zardari by National Assembly Speaker Sardar Ayaz Sadiq on Thursday.

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The bill comes ahead of more talks for a loan of $6 billion to $8 billion to avert a debt default for Pakistan, the slowest growing economy in South Asia.

As the parliament moved to pass the bill clause by clause, Pakistan’s sovereign dollar bonds slid on Friday, Tradeweb data showed, with the 2031 maturity shedding 1.4 cents to trade at 78.69 cents on the dollar.