Pakistan, June 26 -- The National Assembly of Pakistan has officially approved the Rs17,573 billion federal budget for the fiscal year 2025-26, passing the Finance Bill with a majority vote. All cut motions from the opposition were rejected during Thursday's session.

Under the approved budget, the Federal Board of Revenue (FBR) has set a tax collection target of Rs14,131 billion, while non-tax revenue is expected to reach Rs5,147 billion. As per the NFC Award, Rs8,206 billion will be distributed to the provinces. Major allocations include Rs8,207 billion for debt servicing and Rs2,550 billion for defense spending.

The budget grants income tax exemptions to 106 institutions, including charitable trusts, educational bodies like LUMS and C...