Preparations for budget 2022-23 to begin from March

ISLAMABAD: The Ministry of Finance has revealed that the federal government will begin its preparations for the finalisation of the budget 2022-23 from March 15 and will present it in the parliament in the first week of June.

According to the budget schedule released by the finance ministry, suggestions will be prepared regarding revenue generation of the federal government from taxable and non-taxable sources and figures for current and development budget would also be prepared

The schedule revealed that the budget strategy paper will be prepared until April 15 with Annual Plan Coordination Committee and National Economic Council meetings scheduled in April and May respectively. The budget proposals will be laid before the federal; cabinet for approval in the first week of June.

The National Assembly on Thursday last passed the Finance (Supplementary) Bill, 2021 with a majority vote to amend the certain laws relating to taxes and duties, in an ambitious bid to achieve a tax target of Rs5.8 trillion as per the International Monetary Fund’s (IMF) requirement.

The approval of the supplementary finance bill was necessary to ensure Pakistan’s sixth review of the $6 billion Extended Fund Facility (EFE) gets cleared by the IMF’s Executive Board which is scheduled to meet later this month to decide the disbursement of the $1-billion tranche.

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