Federal budget likely to hit Rs18t mark

ISLAMABAD: The federal budget for the upcoming fiscal year is expected to land between Rs17.5 trillion and Rs18 trillion, according to official sources.

The Federal Board of Revenue (FBR) aims to rank in Rs14.43 trillion in taxes, with direct taxes, bringing in Rs6.47 trillion.

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Sales tax is expected to generate Rs4.94 trillion, while Rs1.15 trillion is set to come from federal excise duty. Customs duty will contribute Rs1.74 trillion, and the target for petroleum levy stands at Rs1.31 trillion.

When it comes to expenses, debt servicing is set to eat up 8.69 trillion, while defence spending is pegged at Rs2.41 trillion. Development projects will get Rs1.06 trillion from the federal pool.

To plug the gap, the government is expected to borrow around Rs6.59 trillion in the next fiscal year.