Incentives for salaried class likely in budget on June 3

ISLAMABAD: The budget for the next fiscal year will be presented in the National Assembly on June 3. Finance Minister Muhammad Aurangzeb will present the budget proposals in the House. 

This will be his second budget speech after assuming office. The budget will be approved by June 28.

Sources said the budget will ensure incentives for the salaried class. Sources have denied the impression government will face difficulties in getting the budget approved.

The revenue and income statement for the next year’s budget will be prepared in consultation with the IMF, for which a delegation of the Fund will visit Pakistan in the middle of next month. Government officials will work with IMF delegation to outline tax collection targets, development expenditures and key economic reforms.

The government has decided to bring both retail and wholesale sectors under the tax net to broaden tax base.

The system of tax collection from agricultural income will also be implemented.

It has been learnt Finance Minister Muhammad Aurangzeb will leave for Washington next week where he will attend spring meetings of IMF and World Bank. The meetings will start from April 21 to 26.

The government has decided to convene the session of National Assembly on May 5, which will be the last before the budget session.