ISLAMABAD – Federal budget for Fiscal Year-2026-27 is likely to be tabled on June 12, as sessions of both the National Assembly and Senate have been summoned for Wednesday (tomorrow).
The official sources said that the National Assembly will meet at 5:00 PM while the Senate session is scheduled for 4:00 PM. Summaries for convening both houses have been forwarded to the President for formal approval.
The development indicates an accelerated budget process as the government prepares to finalize key financial and economic decisions for the upcoming fiscal year.
Federal Minister for Parliamentary Affairs Tariq Fazal Chaudhry said in a post on X (formerly Twitter) that the federal budget is likely to be presented on June 12.
Sources further revealed that the government has planned to complete all stages of the budget approval process within one week. Parliamentary debate on the budget will be kept brief as part of an expedited legislative schedule.
Separately, the National Economic Council (NEC) meeting has been postponed once again and will now be held tomorrow instead of earlier scheduled timing.
Earlier the reports emerged that the federal government was awaiting approval from the International Monetary Fund (IMF) on key proposals related to tax relief for the salaried class as it finalises the budget for fiscal year 2026-27.
The official sources said that the federal government is in the final stages of budget preparation; however, several major tax proposals and relief measures are still subject to IMF approval before implementation.
The sources said Islamabad has shared a set of proposals with the global lender aimed at providing relief across various sectors while introducing adjustments to the existing tax structure.
Among the key proposals under consideration are a reduction in income tax slabs for salaried individuals, a proposed 2 percent cut in the super tax rate, and the withdrawal of 1 percent advance income tax currently imposed on the export sector.
The government is also reviewing incentives for the real estate sector to stimulate investment and improve economic activity.
At the same time, discussions are underway regarding potential tax increases on selected goods. Officials are reportedly consulting the IMF on proposals to raise the General Sales Tax (GST) to 18 percent on solar panels, hybrid vehicles, and more than 20 other product categories.
Separately, the government has requested a lower tax rate for electric vehicles as part of its broader policy to promote environmentally friendly transport and support climate-related objectives. Officials said the proposal is also linked to the $1.4 billion Resilience and Sustainability Facility programme.
Sources further stated that revenue mobilisation remains a major challenge. The Federal Board of Revenue (FBR) has set a revised collection target of Rs13,428 billion for the current fiscal year, while a higher target of Rs15,264 billion is being considered for the next fiscal year.
The officials added that the detailed negotiations between Pakistan and the IMF are continuing over multiple fiscal options to balance revenue needs with proposed relief measures.
Budget 2026-27: Relief likely for Pakistanis earning Rs200,000-Rs300,000 per month salary
