APCC meeting summoned for budget 2023-24 preparation

ISLAMABAD: The Annual Plan Coordination Committee (APCC) meeting was summoned for the preparation of the federal budget 2023-24 on May 23, ARY News reported on Sunday.

As per details, Federal Minister of Planning and Development Ahsan Iqbal will head the APCC meeting for the preparation of the annual budget 2023-24.

Sources said that the meeting will finalize the annual budget 2023-24 and Rs 900 billion has been allocated for the PSD. The committee will also approve the annual plan for the next fiscal year.

Pakistan Business Forum (PBF) has sent the budget 2023-24 suggestions to Finance Ministry, which stated that the ministry should refrain from imposing new taxes in the next budget.

They maintained that the budget should be friendly for the business community and agriculture. The super tax should also be abolished, the PBF added.

Furthermore, the government should also make efforts for business-friendly policies. The rise in power tariff, gas and petroleum has slowed down the pace of the economy, PBF said.

Earlier, it was revealed that the Federal Budget for Fiscal Year 2023-24 will likely be presented on June 09 or 10.

Sources privy to the development had said the budget for Fiscal Year 2023-24 will be the ‘toughest’ in the country’s history. The mini-budget might be merged with the budget 2023-24.

With the merger of the mini budget in the federal government, the masses will be overburdened with taxes worth Rs 680 billion. The tax relief for the protected class is also considered to be tighter.

Tax income will be increased in the FY2023-24 budget with regard to inflation, the sources said.