Federal budget set for presentation on June 12, estimated at Rs18 trillion M Haris

The federal government will unveil its budget for the fiscal year 2024-25 on June 12, with an expected total of around Rs18 trillion.

Sources indicate that the budget will be presented to the federal cabinet in a special session, where discussions will also cover government employees’ salaries and pensions.

A National Economic Council meeting, chaired by Prime Minister Shahbaz Sharif, is scheduled for June 10 to approve the Public Sector Development Programme (PSDP) and annual development plans for the next fiscal year. The National Economic Survey for the current fiscal year will be presented on June 11.

The Ministry of Finance noted that Prime Minister Shehbaz Sharif’s recent trip to China prompted the rescheduling of the budget presentation, originally planned for an earlier date.

The forthcoming budget is anticipated to include over Rs3 trillion in additional taxes and a hike in the general sales tax (GST) rate from 18% to 19%. GST will be extended to cover food, beverages, medicines, and petroleum products. Additionally, the government is considering imposing taxes on luxury items such as cars and jewelry.