Daily Times

In preparation for the upcoming fiscal year 2023-2024, the Annual Plan Coordination Committee (APCC) is scheduled to hold a crucial meeting on May 23. The primary objective of the meeting is to finalize the federal development budget and obtain approval for the annual plan for the next financial year. The federal cabinet is expected to give its endorsement to the three-year budget strategy paper for the years 2023-2026 next week. However, the budget for the new financial year is expected to present on either June 9 or 10. The Ministry of Finance has divulged some details regarding the projected economic targets for the upcoming fiscal year. It is anticipated that the growth rate will range from 3% to 4%, and the inflation target has been set at 21%. Furthermore, the government proposed a tax target of Rs 9200 billion for the Federal Board of Revenue (FBR). While there are indications that tax collection may reach Rs 7200 billion by June 30, falling short of the initial target of Rs 7640 billion, FBR officials are advocating for a more ambitious goal. They are pushing for a maximum target of Rs 8600 billion in the upcoming budget.