Preparations for federal budget 2022-23 to begin from March

ISLAMABAD: Federal government will present the budget for the fiscal year 2022-23 in the Parliament in the first week of June 2022, the schedule released by the finance ministry revealed.

According to the budget schedule released by the finance ministry, the preparations for the finalization of the next year’s revenue and expenditure would begin from March 15.

“Suggestions will be prepared regarding revenue generation of the federal government from taxable and non-taxable sources,” it shared and added that figures for current and development budget would also be prepared.

The schedule revealed that the budget strategy paper will be prepared until April 15 with Annual Plan Coordination Committee and National Economic Council meetings scheduled in April and May respectively.

The budget proposals will be laid before the federal; cabinet for approval in the first week of June.

The National Assembly has recently passed the Finance (Supplementary) Bill 2021— generally known as a “mini-budget” — amid strong protest by opposition parties.

The finance bill presented by Shaukat Tarin proposed amendments in income tax, sales tax and federal excise duty to impose Rs375 billion taxation measures and withdraws the Rs343 billion sales tax exemption.

Mobile phones valuing more than $200 imported in the CBU condition has been taxed at 17 per cent sales tax.

National Assembly rejected all the amendments moved by the opposition members with a majority vote. 150 members voted in favour of the amendments, while 168 voted against them.

Speaking in the house, Finance Minister Shaukat Tarin rejected the hue and cry of the opposition parties on the finance supplementary bill.

Tarin said the government decided not to withdraw exemptions of taxes on basic items such as milk, bakery items, laptop, baby food and solar panels.