ISLAMABAD – Prime Minister Nawaz Sharif has convened a special meeting of the federal cabinet on May 26 for final approval of the federal budget for fiscal 2017-18.

Annual revenue target in the new federal budget 2017-18 will likely to be set Rs 4 trillion, GDP growth target will be set at 6 percent while GDP growth has reached 5.2pc this year and FBR annual tax collection will range between 3400 to 3500 billion rupees.

No new taxes will be levied in the budget for fiscal year 2017-18 and Finance Minister Ishaq Dar will announce no new taxes in the upcoming budget. Instead, he will announce certain changes in the existing taxes. He will deliver a budget speech in National Assembly on Friday.

All documents pertaining to Budget 2017-18 and speech of the finance minister will also be tabled in Senate session. General debate on the budget will commence in both the houses of the parliament on May 29.-Online