ISLAMABAD – The federal government is likely to present a budget of Rs17 trillion on June 7.
There is a possibility that the federal budget for the fiscal year 2024-25, totaling more than 17 trillion rupees, will be presented in Parliament on June 7th. Approval will be sought in a special meeting of the federal cabinet scheduled before presenting the budget in Parliament.
The Ministry of Finance has stated that preparations for the federal budget of the upcoming fiscal year are underway, and consultations regarding budgeting are ongoing in light of Pakistan’s recent IMF program review mission.
Discussions with the IMF are ongoing regarding various objectives, including revenue generation, in the upcoming fiscal year’s budget. It is estimated that the volume of federal expenditures for the fiscal year 2024-25 is expected to be 17 trillion rupees, with an estimated payment of interest and loans amounting to 9.5 trillion rupees.
An allocation of 800 billion rupees is being made for subsidies in the energy sector, and it is possible that federal tax revenue will exceed 11.2 trillion rupees. A target of 680 billion rupees has been set for Federal Excise Duty, and it is possible to set a target of 3.9 trillion rupees for Sales Tax revenue.
An initial estimate of 2.1 trillion rupees has been set for Non-Tax Revenue in the budget, while it is expected to collect more than 1.05 trillion rupees in Petroleum Levy.
