The National Assembly, in a session chaired by Speaker Ayaz Sadiq, approved the federal budget worth Rs18.877 trillion. However, the session saw a walkout by the opposition after they were not allowed to speak on their objections during the passage of the financial bill.

Despite the opposition's protest, the assembly passed the provision to increase the tax rates on international air travel tickets. From July 1, passengers travelling in economy and economy plus classes will be required to pay an additional tax of Rs12,500 on international tickets.

For travellers in business, club, and first-class, the tax hikes are more substantial. The tax rate on tickets for travel to North, Central, and South America has been increased to Rs350,000. Additionally, the tax on business and club class tickets for the USA and Canada has risen to Rs100,000.

For those travelling to the Middle East and Africa, there will be an additional tax of Rs30,000 on business, first, and club class tickets. Similarly, a tax of Rs210,000 will be levied on business, first, and club class tickets for air travel to Europe. The same tax rate applies to travel to the Far East, Australia, and New Zealand.

The budget's approval marks a significant step in the government's fiscal plan, despite the contention and walkout from opposition members who felt their concerns were not addressed.

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Other several key amendments to the federal budget were also approved amidst significant developments and debates.

An amendment to enhance the powers of Federal Board of Revenue (FBR) officers for sales tax audits was approved. Under this new provision, FBR officers will have access to all relevant records and data necessary for conducting tax audits.

During a sales tax audit, individuals or competent authorities must be present, and the FBR cannot request records older than six years. Furthermore, a new tax fraud investigation wing will be established within the FBR to address tax evasion and fraud.

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This wing will consist of a chief investigator, senior investigators, a senior forensic analyst, a senior data analyst, and other staff members. The unit will include a fraud investigation unit, a legal unit, and an accounts unit, focusing on preventing and investigating tax fraud.

Amendment to increase parliamentarians' privileges

The Pakistan Peoples Party (PPP) presented an amendment to increase the privileges of parliamentarians, which sparked opposition.

Despite this, the National Assembly approved the amendment related to the salaries and allowances of members by a majority vote. The Parliamentarians Salaries and Allowances Act is being amended through the Finance Bill.

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Presented by Abdul Qadir Patel of the PPP, the amendment increases the travelling allowance for lawmakers from Rs10 per km to Rs25 per km.

Additionally, unused air tickets of the MNAs could be utilized in the following year instead of being cancelled. The authority over salaries and allowances of lawmakers is now entrusted to the finance committee of the respective House, rather than the federal government.

Amendments on Petroleum Levy

An amendment regarding the petroleum levy, presented by the finance minister, was passed by a majority vote, with 170 votes in favour and 84 against.

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This amendment sets the maximum limit of the petroleum development levy at Rs50 per litre for light diesel and kerosene, and at Rs70 per litre for petrol and diesel.

Shehbaz Sharif's Speech

Prime Minister Shehbaz Sharif addressed the National Assembly, emphasizing the historical significance of the National Finance Commission (NFC) award. He recalled that the NFC award was a joint agreement by all four provinces during the tenure of former prime minister Yousuf Raza Gilani and President Asif Ali Zardari.

Prime Minister Sharif highlighted his personal involvement in the NFC award discussions.