Fiscal Year 2023-24 federal budget likely on June 09/10

ISLAMABAD: Federal Budget for Fiscal Year 2023-24 will likely to be presented on June 09 or 10, citing sources ARY News reported on Wednesday.

According to sources, the National Economic Survey will likely to be presented on June 08. Sources said that the National Economic Council (NEC) session, to be chaired by the prime minister will likely to be summoned in the first week of June.

“The annual planning coordination committee will hold its session in the mid of May. The planning coordination committee will prepare features of the development budget.

“The federal development budget will likely to be enhanced by 250 billion rupees in comparison to the current financial year budget,” sources said. The development budget for Fiscal Year 2023-24 could be over 900 billion rupees,” according to sources.

A prior report said that the federal government has started preparations for the budget 2023-24 in which conditions forwarded by the International Monetary Fund (IMF) are likely to be implemented.

Sources privy to the development 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 the inflation, the sources said.