Upcoming Tax-Free Budget 2023-24: Major Allocations for Balochistan

The Balochistan Assembly is set to present the forthcoming tax-free budget for the fiscal year 2023-24 today, Monday, with a special allocation of around Rs 700 billion.

As per the Treasury Department, Finance Minister Engineer Zmarak Khan Achakzai is set to disclose the budget details at 4 pm, with the total budget potentially surpassing Rs 700 billion.

Regarding revenue projections for the new fiscal year, estimates sit at Rs 529.3 billion. A budget deficit exceeding Rs 120 billion is also anticipated. Additionally, around Rs 200 billion might be set aside for developmental initiatives.

To stimulate job growth, a proposal is under consideration that aims to generate over 5,000 new employment positions. Government employees may also see a substantial salary increase, with a 30% boost under contemplation.

On the other hand, revenues generated from Balochistan’s resources are projected to amount to Rs 60.32 billion.

Sources suggest that the NFC (National Finance Commission) Award, among other revenue streams, is expected to contribute approximately Rs 413 billion.

Underlining the importance of education, the Treasury Department is considering a proposal of Rs 90 billion dedicated to enhancing educational quality in Balochistan.

Further proposed allocations include Rs 60 billion to maintain peace and security and Rs 50 billion to strengthen the healthcare sector.