Federal budget 2024-25 likely to be presented on June 12

ISLAMABAD: The presentation of the federal budget 2024-25 is likely to be rescheduled, ARY News reported on Tuesday, citing sources.

Interestingly, it is also unusual that the budget strategy paper (BSP) for the next fiscal year has not yet been ‘shared’ with parliament, though it is more because of political uncertainties emanating from the legal status of reserved seats and because of the absence of standing committees of the Senate and the National Assembly, particularly those related to finance.

The budget 2024-25 which was earlier scheduled to be presented on June 10 is now likely to be presented on June 12.

The Pakistan Economic Survey 2023-24 will be presented on June 11 after a meeting of the council on June 10, the sources said.

The federal budget 2024-25 will likely get approval from the Senate by June 26.

The Pakistani government is likely to end tax exemptions in the FY2024-25 budget on IMF’s demand.

According to budget proposals for the budget 2024-25, Pakistan is likely to end exemption on sales and income tax, phase-wise.

The government is also considering imposing a sales tax on tractors and pesticides, potentially leading to price hikes for these essential agricultural products.

Currently, under the Sixth Schedule of the Sales Tax Act, pesticides and their active ingredients registered by the Department of Plant Protection are exempt from sales tax.