Federal budget to be presented on June 12, totaling around Rs18t

The federal government is set to present its budget for the upcoming fiscal year 2024-25 on June 12, with a total size of around Rs18 trillion.

According to sources, the budget will be presented to the federal cabinet in a special meeting, which will also discuss the salaries and pensions of government employees.

On June 10, a meeting of the National Economic Council, chaired by Prime Minister Shahbaz Sharif, will be held to approve the Public Sector Development Programme (PSDP) and annual development plans for the next fiscal year.

After that, on June 11, the current fiscal year's National Economic Survey will be presented.

Also read: PSX drops more than 900 points as next year's federal budget approaches

According to the Ministry of Finance, Prime Minister Shehbaz Sharif's visit to China has led to a change in the date of presenting the federal budget, which was initially scheduled to be presented earlier.

The budget is expected to include an additional tax of over Rs3 trillion, as well as an increase in the general sales tax (GST) rate from 18% to 19%. The GST will also be imposed on food, beverages, medicines, and petroleum products.

The sources said that the government is also considering imposing a tax on luxury items, including cars and jewelry.