Expected Presentation Date for the Federal Budget 2024-25: June 12
The presentation of the federal budget 2024-25 is likely to undergo rescheduling, as per sources.
Curiously, the budget strategy paper (BSP) for the upcoming fiscal year has not been shared with parliament yet. This delay is partly due to political uncertainties arising from the legal status of reserved seats and the absence of standing committees of the Senate and the National Assembly, particularly those related to finance.
Originally scheduled for June 10, the budget 2024-25 is now anticipated to be presented on June 12.
The Pakistan Economic Survey 2023-24 is set to be presented on June 11, following a council meeting on June 10, according to the sources.
Approval for the federal budget 2024-25 from the Senate is expected by June 26.
In response to the IMF’s demand, the Pakistani government is contemplating ending tax exemptions in the FY2024-25 budget.
Proposed budget measures indicate a likelihood of ending exemptions on sales and income tax in a phased manner.
The government is also deliberating on imposing sales tax on tractors and pesticides, which could potentially result in price increases 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.
