The upcoming federal budget is expected to be between Rupees 17,500 billion and Rupees 18,000 billion official documents reveal. The FBR is tasked with a revenue target of Rupees 14,307 billion for the next fiscal year. This includes significant contributions from direct taxes and sales tax.
The budget anticipates Rupees 6,470 billion from direct taxes and Rupees 4,943 billion from sales tax. Federal excise duty is projected at Rupees 1,153 billion, with customs duty expected to bring in Rupees 1,741 billion. A substantial petroleum levy target of Rupees 1,311 billion is also set.
Non-tax revenue is estimated at Rupees 2,584 billion, and provinces are expected to provide a surplus of Rupees 1,220 billion. On the expenditure side a large portion Rupees 8,685 billion, is for interest payments. Defense spending is allocated at Rupees 2,414 billion.
Development projects are estimated to cost Rupees 1,065 billion in the new budget. To meet these expenses, the government anticipates borrowing around Rupees 6,588 billion in the next fiscal year. This borrowing will cover the difference between income and spending.
In summary, the new federal budget outlines ambitious revenue collection targets for the FBR and allocates significant funds for debt servicing and defense. Development projects are also prioritized, with borrowing planned to manage overall expenditures. The financial plan aims to steer the country's economy in the coming fiscal year.
