Budget 2024-25 preps underway; to be presented on June 7

The federal government is preparing a federal budget for the next financial year 2024-45 which will be presented in the National Assembly on June 7.

Islamabad: Budget 2024-25 preps underway; to be presented on June 7. There is a consideration of setting the target of economic development from 3.5 to 4 percent.

The initial estimate of expenses is 24,710 billion.

The size of the overall development budget for the next fiscal year is expected to be Rs2590 billion

There is an estimate of Rs22,37 billion for the ongoing government expenses.

The federal development program will be Rs890 rupees while the provincial development budget will be Rs1,700 billion.

Rs2,152 rupees is likely to be allocated for defense.

In the upcoming budget, the expenditure on interest and loans is estimated at Rs9,787 billion.

Sources claimed the federal government will consult the International Monitory Fund (IMF) regarding the budget preparation as well.

Read More: IMF Mission Begins Talks with Pakistan on New Loan Program & Budget

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For further negotiation with our global lenders for extended fund facilities, the multilateral and bilateral donors may ask Pakistan to impose additional taxes of around Rs 1.3 trillion in upcoming budget which, if accepted, would take the FBR’s annual target to a whooping Rs 12.3 trillion, said Ateeq ur Rehman, economic & financial analyst.

For meeting the revenue target it has been discussed in different quarters that the procurement of additional taxes should be through salaried personnel and business individuals. The more tax burden on salaried class or individuals will be like another economic misfortune.

He added that the salaried class is a base and source of the economy for revenue generation thus contributing through potential income generation by direct and indirect taxes.

The salaried class is already buried under heavy taxation through already existing huge tax slabs on them or individuals which is unaffordable by them thus consequently bringing them down with heavy pressure of taxes by deduction at source. They are already facing higher inflation, inflated electric bills, huge petroleum prices all without any subsidy, compensation or return from the government, said Ateeq.

Budget 2024-25 preps underway; to be presented on June 7