The ministry of finance has prepared the schedule for the FY2025-26 budget in Pakistan. As per details, the ministry has proposed that the federal budget for the upcoming fiscal year be presented in the first week of June. All budget documents are proposed to be finalized by the end of May 2025. A meeting of the National Economic Council is scheduled for the second week of May, while the annual planning committee meeting is proposed to be held in the first week of May. 

In addition, it is proposed that the Budget Strategy Paper be approved by April 18, 2025, and the Budget Review Committee meetings be held from February 11 to February 28. The proposal also includes submitting the foreign exchange budget estimates by May 7. Earlier, it emerged that the Federal Board of Revenue (FBR) has also begun preparations for the budget of the upcoming fiscal year 2025-26, with stakeholders being asked to submit their proposals by January 31. The FBR has formally written to all relevant stakeholders seeking input for the next fiscal year’s budget.

The proposals specifically requested from stakeholders include suggestions related to income tax, sales tax, federal excise duty, and ways to increase revenue. The board is also looking for recommendations to broaden the tax base and enhance the scope of existing taxes. In addition to tax-related proposals, the FBR has sought input on general sales tax for all businesses and suggestions for gradually phasing out tax exemptions. The FBR has emphasized the need for streamlining tax procedures and making regulations easier for taxpayers.

Credit: Independent News Pakistan (INP)