The ministry has suggested that the federal budget for the next fiscal year be unveiled around the first week of June, according to specifics.
By the end of May 2025, it is suggested that all budget documents be completed. It is suggested that the annual planning committee meeting take place in the first week of May, while a meeting of the National Economic Council is set for the second week.
Furthermore, the Budget Strategy Paper should be adopted by April 18, 2025, and the sessions of the Budget Review Committee should take place from February 11 to February 28.
The proposal also calls for the projections of the foreign exchange budget to be submitted by May 7.
The Federal Board of Revenue (FBR) has also started working on the budget for the next fiscal year 2025–2026. It was previously reported that stakeholders are being invited to submit their ideas by January 31.
The FBR has formally written to all pertinent parties to solicit their comments on the budget for the upcoming fiscal year.
Income tax, sales tax, federal excise duty, and revenue-raising ideas are among the particular proposals that stakeholders are asked to submit. The board is also seeking suggestions for expanding the scope of current taxes and widening the tax base.
Along with proposals pertaining to taxes, the FBR has requested feedback on general sales tax for all companies as well as ideas for phasing away tax exemptions gradually. The FBR has underlined how important it is to simplify tax processes and make rules more understandable for taxpayers.
