President Zardari Signs Finance Bill for FY 2026-27 into Law

First Published 3 hours ago

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President Asif Ali Zardari on Friday gave his assent to the Finance Bill, 2026, officially enacting the federal budget for the fiscal year 2026-27. The Presidency confirmed the signing in a post on its X account.

The budget was presented in the National Assembly on June 12 by Finance Minister Muhammad Aurangzeb. The assembly passed the bill on Tuesday after the opposition staged a walkout. Seven amendments moved by opposition members were rejected by a majority vote, but the final bill included amendments suggested by the National Assembly Standing Committee on Finance.

Key changes from the initial proposal include the abolition of a proposed 20 per cent Federal Excise Duty (FED) on mineral waters and hydration drinks with low sugar content. Additionally, a sales tax exemption on the import or lease of aircraft and parts, previously only for PIA, will be extended to all local airlines from July 1, 2027.

The bill also specifies that excise duty on imported electric cars will be calculated based on their US dollar value. Electric cars and SUVs imported in Completely Built-Up (CBU) condition with a value not exceeding $75,000 will be exempt from FED.

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