The federal Ministry of Finance has finalised the schedule for preparing the budget for the fiscal year 2025-26 and issued the Budget Call Circular.
The budget is scheduled to be presented in parliament during the first week of June 2025, following approval of budget targets and documents by the federal cabinet.
According to the circular, the preparation process involves several key milestones:
- The Budget Strategy Paper 2025-26 will be approved in the third week of April.
- The Annual Plan Coordination Committee will convene in the first week of May, followed by the National Economic Council meeting in the second week.
- Final budget estimates and documents for cabinet approval will be completed by May.
The ministry has also announced that the current and development budget revision estimates will be presented in February, alongside a meeting of the Budget Review Committee. Additionally, the mid-year review report will be presented in the National Assembly next month.
Also Read: FBR initiates budget preps for fiscal year 2025-26
To ensure an inclusive budgeting process, the Federal Board of Revenue (FBR) has sought tax-related suggestions from stakeholders by January 31.
On the other hand, the Federal Board of Revenue (FBR) has 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.
