Preparation of budget 2023-24 in final stages: 1700 billion rupees allocated for defense budget
FBR's tax collection target estimate for the next fiscal year is likely to be set at 9200 billion
Defense budget for next fiscal year is likely to be allocated around 1700 billion rupees while fiscal deficit will be 5.1 percent of economy.
Sources in Ministry of Finance told News 360 that this year defense budget was allocated 1560 billion rupees and in budget of next fiscal year it is likely to increase by another 150 billion rupees and it may be around 1700 billion rupees.
Gross deficit during next financial year will be 5.1 percent in next financial year. overall primary surplus of the budget deficit is projected at 0.3 percent of GDP, compared to 0.2 percent for 2022-23.
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FBR’s tax collection target estimate for the next financial year is likely to be set at 9200 billion.
FBR estimates that it can collect Rs 7,200 billion in taxes in current fiscal year ending June 30, 2023, against a target of Rs 7,640 billion.
FBR wants to set a maximum target of Rs 8600 billion in the upcoming budget. During the next financial year, growth rate is expected to be set at 3.4 percent and inflation rate at 21 percent.
Current account deficit is likely to be set at $8 billion during the next financial year. The budget of all ministries and departments is expected to increase by 8 to 11 percent.
Volume of subsidy for energy sector is set to be 975 billion rupees, while Ministry of Energy has asked for about 1600 billion rupees for energy subsidy in the next budget.
