ISLAMABAD: The federal government has started preparations for the budget 2023-24 in which conditions forwarded by the International Monetary Fund (IMF) are likely to be implemented.
Sources privy to the development said the budget for Fiscal Year 2023-24 will be the ‘toughest’ budget in the country’s history. The mini-budget might be merged with the budget 2023-24.
With the merger of the mini budget in the federal government, the masses will be overburned with taxes worth Rs 680 billion. The tax relief for the protected class is also considered to be tighter.
Tax income will be increased in the FY2023-24 budget with regard to the inflation, the sources said.
According to sources, the session of the annual plan coordination committee could not be summoned so far. “The National Economic Council (NEC) session has been scheduled in the first week of May,” sources said.
“The budget document will be finalized in the end of May for getting approval of the federal cabinet,” according to sources.
Sources said that the FY 2023-24 federal budget is planned to be presented before the cabinet and the Parliament in the first week of June.
