Rs800 billion are expected to be allocated for subsidies in the energy sector and the federal tax revenue is expected to be more than Rs11.2 trillion
By Asim Shahzad
LAHORE: The federal government is likely to present annual budget of Rs17 trillion on June 7.
In total, the federal budget for the next financial year 2024-25, which is more than Rs17 trillion, is likely to be presented in the National Assembly . Before the budget is presented in the parliament, it would be approved in the federal cabinet to be presented on June 7.
Sources in the Ministry of Finance say that the federal budget for the next financial year is being finalised and the consultation regarding the budgeting is also ongoing with the IMF review mission that has visited Pakistan.
Discussions are on with the IMF on other targets including revenue generation in the next fiscal year’s budget.
Sources say that the volume of federal expenditure in the next financial year 2024-24 is expected to be Rs17 trillion. Interest and debt payments are estimated at Rs9.5 trillion.
Rs800 billion are expected to be allocated for subsidies in the energy sector and the federal tax revenue is expected to be more than Rs11.2 trillion.
A target of Rs680 billion is likely to be set in terms of federal excise duty and a target of Rs3900 billion is likely to be set in terms of sales tax.
The initial estimate of non-tax revenue in the budget is Rs2100 billion rupees, while the target of receiving more than Rs1050 billion from petroleum levy is expected.
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