ISLAMABAD: The federal government has begun planning for the fiscal year 2023-24, in which the International Monetary Fund (IMF) criteria are expected to be implemented.
According to those familiar with the situation, the budget for Fiscal Year 2023-24 will be the ‘toughest’ in the country’s history. The mini-budget could be combined with the budget for 2023-24.
The merger of the mini budget in the federal government will overburden the citizens with Rs 680 billion in taxes. Tax relief for the protected class is likewise thought to be less generous.
According to the sources, tax revenue will be boosted in the FY2023-24 budget to account for inflation.
According to sources, the yearly plan coordination committee session could not be called thus far. “The National Economic Council (NEC) session has been scheduled for the first week of May,” according to sources.
According to insiders, “the budget document will be finalized by the end of May for approval by the federal cabinet.”
According to sources, the federal budget for fiscal year 2023-24 will be presented to the cabinet and Parliament in the first week of June.