When Budget 2023-24 will be Announced
When Budget 2023-24 will be Announced. We all know that the new financial year starts in the month of July and ends in June. Tax year 2023 is near to end and tax year 2024 is starting from the start of the new financial year. It is also known as the fiscal year 2023-2024.
Businesses and individual taxpayers follow this tax year / financial year period for their tax and corporate compliances. The government of Pakistan also follows this financial year period from July to June. This means in the current month of June budget will present in the National Assembly after approval from the federal cabinet.
As per the media reports the Budget 2023-24 is expected to present on the 9th of June in the National Assembly after approval by the federal cabinet.
FBR Income Tax Proposals 2023-2024
Previously the Federal Board of Revenue (FBR) invited all the stakeholders to give proposals for the upcoming Budget 2023-24 for the improvement of tax policy. FBR asked the proposals on the following:
- Broadening of the tax base for wider participation in revenue generation efforts;
- Taxation of real Income on a progressive basis;
- Phasing out of tax concessions and exemptions;
- Removal of tax distortions and anomalies;
- Facilitation of taxpayers and ease of doing business;
- Promoting equity in taxation by introducing measures where the incidence of tax is higher on affluent classes.
