President Zardari gives assent to finance bill outlining budget for FY2026-27

President Asif Ali Zardari gave his assent on Friday to the Finance Bill, 2026, which outlines the budget for the upcoming fiscal year with an outlay of Rs17.5718.8 trillion. “President Asif Ali Zardari has assented to the Finance Bill, 2026, relating to the federal budget for fiscal year 2026-27,” a post on the Presidency’s X account said. Finance Minister Muhammad Aurangzeb presented the FY2026-27 budget in the National Assembly (NA) on June 12, offering relief to higher-income salaried individuals and businesses by rationalising income tax, sales tax, and customs duties, while promoting documentation, digital compliance, and investment. The NA passed the budget on Tuesday after the opposition staged a walkout. The House approved the budget after all seven amendments moved by opposition members were rejected by a majority vote. However, the finance bill included amendments suggested by the National Assembly Standing Committee on Finance. Some of the key changes made to the bill since its introduction in parliament included the abolition of duties on mineral water or hydration drinks, sales tax exemption for local airlines on the import or lease of aircrafts, and an amendment to the duties imposed on electric cars or SUVs imported into the country. The government did away with the proposed 20 per cent Federal Excise Duty (FED) on mineral waters, aerated waters, hydration drinks or electrolyte beverages with artificial sweetener or sugar content below 5g/100 ml. Previously, all kinds of mineral waters, aerated waters, hydration drinks or electrolyte beverages were subjected to 20pc FED, irrespective of the artificial sweetener or sugar content. The budget draft also included permission for all airlines operating in the country to avail sales tax exemption on the import or lease of aircrafts and their parts from July 1, 2027, which was only granted to PIA in the original bill. It also showed that excise duty on imported electric cars would be calculated based on thei