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Budget FY25 Visualized

Budget Blues: Pakistan's high-stakes tax strategy
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June 13, 2023 (MLN): The government of Pakistan has announced the budget for 2024-25 on Wednesday. Here is an overview of key budget figures through graphs.

The federal budget for fiscal year 2024-25 has a total outlay of Rs18.877 trillion, a 30% increase compared to the previous year’s budget.

Gross Revenue receipts are expected at Rs17.8tr, a significant jump of 46% YoY from the previous year's revised estimates.

Of this amount, FBR taxes are budgeted at Rs12.97tr (+40% YoY). While non-tax revenue is estimated at Rs4.85tr (+64% YoY), with a projected 33% YoY increase in Petroleum Development Levy (PDL) collections of Rs1.3tr.

To note, after accounting for provincial transfers of Rs7.438tr, the net revenue stands at Rs10.377tr.

The government has proposed Rs17.203tr for current expenditure in the FY25 budget, an increase of 21% from the previous year's revised estimates.

Of this amount, the government expects interest payments of Rs9.775 trillion in FY25, an increase of 18% YoY.

Moreover, defence expenditure is estimated at Rs2.12tr, up 14% compared to previous year's revised estimates.

The government has allocated a total Rs3.79tr for the Public Sector Development Program (PSDP) in FY25, a significant jump of 58% from last year’s revised estimates of Rs2.39tr.

Real GDP growth is expected at 3.6% in FY25 while Nominal GDP is expected to grow 17% to Rs124.15tr.

The average rate of inflation is expected to be 12%.

Post-budget announcement, Pakistan Stock Exchange (PSX) has displayed a mixed trend.

The benchmark KSE-100 index recorded a meager 0.3%, 2.5%, and 1.7% average return over the next one, two, and three months respectively, after the budget announcement.

KSE-100 Performance post budget
Budget Year After 1 Month

After 2 Months

After 3 Months
FY10 8.9% 14.2% 28.3%
FY11 0.0% 7.8% 0.7%
FY12 2.0% -0.1% -9.5%
FY13 -0.5% 5.0% 9.9%
FY14 3.2% 4.1% 3.0%
FY15 0.7% 2.7% -3.4%
FY16 4.2% 5.6% 1.1%
FY17 1.5% 6.9% 6.8%
FY18 -12.0% -12.8% -19.7%
FY19 -7.6% -9.4% -7.6%
FY20 -2.3% -15.1% -12.1%
FY21 4.6% 17.2% 23.2%
FY22 -1.5% -2.4% -3.5%
FY23 -1.6% 0.2% -0.5%
FY24 5.5% 13.2% 9.2%
Average Return 0.3% 2.5% 1.7%


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Posted on: 2024-06-13T00:54:08+05:00