2020-06-12 21:44:56
The tax slabs for the salaried people have been maintained in the Budget 2020-21 presented earlier today in the Parliament, aspokesperson for the Federal Board of Revenue (FBR) said, adding that an electronic audit system was also be introduced soon.
Dr Hamid Ateeq Sarwar, a member of the FBR's Board working in the body's Inland Revenue Policy and Facilitation & Taxpayers Education departments, said there was no change in the tax rates or the tax slabs for the salaried individuals.
A 27% increase in tax collection was expected in the ongoing year, Sarwar noted, adding that if the coronavirus pandemic was not there, the forecastedtax collection was Rs4.6 trillion.
"Due to the relief, Rs20 billion of the tax measures will be negative," he said.
"A limit of Rs 2.5 million will be implemented on leases in case of depreciation of a vehicle's value," he said. "We will introduce an e-audit system, which will reduce objections raised during audits.
"The audit selection will then be based on an independent system," he explained.
Sarwar also mentioned that based on recommendations from the Financial Action Task Force (FATF), details of welfare organisations would be obtained and charities would be obligated to provide details of donations made to them.
"Details of welfare organisations' funding are a requirement of the FATF," he noted.
2020-06-12 23:43:44
2020-06-12 23:48:59
As the budget presentation for fiscal year 2020-21 began Friday afternoon, social media users poured in their concerns on the proposals rolled out by the government, at a time when the country is buckling under the weight of the coronavirus pandemic and the economic activities are paralysed due to the imposed coronavirus lockdown.
Dubbed as a 'coronavirus budget', the financial plan for the coming year was welcomed by few, however, others were seen criticising the government for not taking adequate measures to cushion the adverse affects of the virus and not setting the priorities straight in terms of government expenditure.
PPP MNA Naz Baloch was heavily critical of the fact the economy has shrunk for the first time in 68 years.
"First fiscal year after 1952 to record negative growth of [-0.4%]," she said, expressing disapproval.
Read complete story here.
2020-06-12 23:48:33
PPP Senator Sherry Rehman has slammed the Budget 2020-21 and termed it as ‘non-transparent’ and ‘fudging’ of numbers.
Talking to Geo News, Sherry Rehman blamed the government for issuing the budget without any input from the opposition. “For the first time in history, the demand for a grant was not provided to the lawmakers — meaning the actual budget was not shared [with the opposition]," she said.
The PPP leader said she was informed that lawmakers would be provided a copy of the budget in a floppy disk. She said that this was a good initiative but the files were provided to the MNAs during the session, which prompted them to hoot and protest.
Read complete story here.
2020-06-12 23:47:31
PML-N President Shehbaz Sharif said the Budget 2021 is actually a ‘path to destruction’ and has exposed the government’s incompetence.
"The government first tried to hide behind the PML-N for its failures and now it is doing the same with the coronavirus," Shehbaz Sharif said, adding that the country had witnessed historical setbacks in terms of inflation, unemployment, and business during the incumbent government's tenure.
"This isn't a budget, but a path to destruction," said Shehbaz, adding: "Unfortunately, the nation is paying for this government's incompetence."
The PML-N president said that his party had taken up the policy of "less inflation and more development". The budget announcements proved that the government is not ready to take the "path of reform and wisdom", he noted.
"The current deficit of Rs1.7 billion in tax revenue is the performance of the present government," he said."For the first time in 68 years, the country's GDP has plunged to negative. Is this the incumbent government's performance?" he asked.
Read complete story here.
2020-06-12 23:38:45
The budget for the financial year 2020-21, presented today by Minister for Industries and Production Hammad Azhar, made frequent mention of the coronavirus pandemic — and for justifiable reasons.
The government's efforts to bring the economy back on track — which had arguably seen considerable progress in the first nine months of the year — were undone by the outbreak and the unavoidable lockdown subsequently imposed.
Nearly all industries and businesses were impacted. A loss of nearly Rs3.3 trillion to the gross domestic product was experienced, which resulted in a 0.4% contraction in the GDP.
Read complete story here.
2020-06-12 23:35:45
Financial analysts have offered mixed reactions to the FY 2020-21 budget, with most expressing disappointment and a lack of enthusiasm, calling it ambitious and "directionless", while others going so far as to say it can be viewed as "business friendly".
'Nothing extraordinary' — Financial analyst Khurram Shehzad
Speaking to Geo News right after Minister for Industries and Production Hammad Azhar's budget presentation, Financial analyst Khurram Shehzad said that the budget did not entail anything extra-ordinary, although tax relief on custom and import duties has been given and the hard-hit hotel industry also got respite in terms of taxes.
Shehzad lamented that despite no new taxes, the GDP rate will be difficult to maintain with 2% deficit and 6.5% inflation rate, adding that due to these factors the FBR will have a hard time achieving its target which is 24% of the total tax collection.
Read complete story here.
2020-06-12 23:41:36
While the government has introduced a largely tax-free budget, it has proposed various measures under the federal excise duty (FED) and sales tax regime in Budget 2020-21 which will have an impact on citizens' wallets.
While most recommendations pertain with improving documentation and streamlining the various tax regimes, the government has also provided some relief while also imposing a few new penalties.
Tax relief offered in Budget 2020-21
For example, in order to battle the coronavirus pandemic, the government has provided relief from sales tax on certain health-related items and equipment. In related move pertaining to healthcare, it has provided relief on import of dietetic foods intended for use by children suffering from Inherited Metabolic Syndrome.
Another important proposal in the budget is to reduce sales tax on mobile phones manufactured in the country, in accordance with the Mobile Manufacturing Policy. It is hoped that this new policy will see smartphones being manufactured in Pakistan.
The government has also proposed exempting withholding tax on Cash Withdrawal to the extent of Foreign Remittances.
Read complete story here.
2020-06-12 23:31:39
Faced with an unprecedented crisis due to the coronavirus pandemic and other challenges arising from the government's austerity measures in fiscal 2019-20, the PTI faces a delicate task in balancing its priorities in 2020-21.
The following will be its key areas of focus next fiscal year.
Read complete story here.
2020-06-12 22:13:41
2020-06-12 21:56:14
2020-06-12 21:36:39
Information and Broadcasting Minister Senator Shibli Faraz said late Friday the Budget 2020-21 was a "relief to the people" given that no new taxes were introduced.
"Given the global economic scenario & COVID-19, PM Imran Khan has given the nation a budget which is both compassionate and realistic," Faraz said on Twitter.
The premier, he added, was in fact "providing relief to the people with no new taxes".
2020-06-12 21:33:33
Sindh government spokesperson Senator Murtaza Wahab while commenting on the Budget 2020-21 presented by thePTI government earlier today said it was "nothing but an oppression of the poor".
Wahab, according to a press statement, said: "Such an 'enemy-of-the-people' budget was expected fromthe failed players of PTI. The budget is nothing but an oppression of the poor.
"The budget provided relief to the investors and only assurances to the poor," he said. "In line with zero performance given by the government, it presented a 0/0 budget.
"Pakistan is facing multiple crises and the government is praising China," he added, noting that the PTI government had no ability to tackle the country'schallenges or predicaments.
A government that promised to create 10 million jobs and construct five million houses was now depriving people of their livelihoods, Wahab underscored.
"The PTI did not provide any kind of relief to the people, including the civil servants," he stated. "The budget has nothing for the betterment of labourers, farmers or the economy."
In a post on Twitter, the Sindh government spokesperson took a jibe at the ruling party, saying the change it had promised "came in form of destruction".
2020-06-12 21:02:28
All Pakistan Traders Association (APTA) PresidentKashif Chaudhry called for at least a 50% cut in all types of taxes, lamenting how there was no relief package for the business community in the Budget 2020-21.
"Nothing was done for the improvement in industry and trade or the growth of the agricultural sector," Chaudhry underlined, adding that the withholding tax on cash withdrawals from banks was not removed either.
The APTA official criticised how a permission for investment in all businesses — as was done forthe construction sector — was not part of the Budget 2020-21. "Interest rates should be reduced further and loans of Rs0.5-50 million should be given to traders on the condition of conducting interest-free business," he said.
Noting that thesales tax should be removed in order to cut down the prices of flour, sugar, and other food items, he said its rate in the budget should be brought down from 17% to 9%.
"All taxes, including income tax, should be slashed by at least 50%," he added.
Chaudhry said the cottage industry should be given concessions as well as an exemption from sales tax.
2020-06-12 20:45:03
Senate Chairperson Sadiq Sanjrani in a meeting withNational Assembly Speaker Asad Qaiser saidproposals from the Budget 2020-21 would be finalised very soon.
The two met following the 'coronavirus budget' session in the Parliament earlier today, wherein Industries and Production Minister Hammad Azhar presented the Budget 2020-21. They exchanged thoughts on the developments in the session.
Both also spoke of tightening the coronavirus-related standard operating procedures (SOPs) and agreed on further steps to protect employees and the parliamentarians.
Sanjrani said following social distancing measures and wearing face masks were for the protection of everyone. The pandemic has created economic, social, and political problems, Qaiser added.
2020-06-12 20:01:07
Quetta Chamber of Commerce and Industry (QCCI) Senior Vice-President Badruddin Kakar said Budget 2020-21 was "not what the traders had expected".
Slamming the budget presented earlier today by Industries and Production Minister Hammad Azhar, he said it provided "no relief to the people".
"The government should have facilitated some of the [economy's] sectors due to the coronavirus lockdown," Kakar said. "It would have been better if the government had focused on employment and inflation.
"This year's budget is not what traders expected," he lamented.
2020-06-12 19:59:16
Sarhad Chamber of Commerce and Industry (SCCI) Vice-President Abdul Jalil Jan, while reacting to the Budget 2020-21 presented earlier today, criticised the government over the supply of petrol.
"The government will present a budget again in two months," Jan said, noting how the oil prices had plummeted in the international market but Pakistan was experiencing a shortage of petrol.
2020-06-12 19:36:43
Peshawar Anjuman-e-Tajiran President Haji Mohammad Afzal lambasted the government over Budget 2020-21, presented earlier today.
"We were a little worried when the budget was presented in 2019. However, Budget 2020-21 has not only left us panicking but close to fainting," Afzal said, using the words "humghabra gaye [we became worried]" — a reference to Prime Minister Imran Khan's much-touted slogan of 'Ghabrana nahi hei [Do not worry].'
The Traders' Alliance official also slammed thecondition of presenting a copy of CNIC for transactions above Rs100,000, saying it should have been done away with at least until the next budget.
"The government has robbed Rs70 billion through petrol," he added.
2020-06-12 19:34:54
The size of Public Sector Development Programme (PSDP) for 2020-21 is Rs 1,324 billion. Out of this, Rs 676 billion has been allocated to provinces.
Federal PSDP has been estimated at Rs 650 billion, out of which Rs 418.7 billion for Federal Ministries/Divisions, Rs 100.4 billion for Corporations, Rs 3 billion for Earthquake Reconstruction and Rehabilitation Authority (ERRA), and 7 billion for COVID responsive and Other Natural Calamities Program.
2020-06-12 19:28:07
All Pakistan Anjuman-e-Tajran (APAT) Secretary-General Naeem Mir rejected Budget 2020-21, saying small businesses were ignored and that the condition of presenting a copy of CNIC for transactions was encouraging the undocumented economy.
"The CNIC condition should have been revoked amid the coronavirus" crisis, Mir said, noting that no easy loan scheme for small business owners was launched.
Smallbusinesses provide employment to about 40% of the workforce, he added.
"Poor government policies have shrunk the 51-billion economy," the top APAT official explained, adding that the incumbent regime was "hiding" behind the coronavirus pandemic.
"If no new tax is imposed, how will the budget deficit be brought from 7% to 4.4%," he wondered, stressing that the government could not let itself off the hook by playing a game of filers and non-filers.
Mir mentioned thatother sectors, too, should be facilitated the way the construction sector was aided by the Prime Minister Imran Khan-led government.
"Should traders just shut down their shops and start constructing houses? The per-capita income has fallen and shops are deserted," he added.
2020-06-12 19:29:59
Development expenditure outside PSDP has been estimated at Rs 70bn in budget 2020-21.
2020-06-12 19:28:53
Speaking to Geo News, PPP leader Sherry Rehman said that her party's recommendation would be to provide employment opportunities and social protection for the people.
Rehman blamed the government for issuing the budget without any input from the opposition. “For the first time in history, the demand for a grant was not provided to the lawmakers — meaning the actual budget was not shared [with the opposition]," she said.
The PPP leader said she was informed that lawmakers would be provided a copy of the budget in a floppy disk. She said that this was a good initiative but the files were provided to the MNAs during the session, which prompted them to hoot and protest.
Terming budget 2020-21 "non-transparent", she said that the opposition's input should have been sought on the document. “I am sure they will take out a rolling budget in the next three months.”
She slammed the government for taking loans much more than what the previous two predecessor governments had, and that too before the coronavirus provided a setback to the country's economy.
“We thought that they [government] would allocate substantial facilities for the health sector, which they did not,” she said, adding: “This is not a budget, but an accounting exercise — as they had taken recommendations from the International Monetary Fund.”
“This budget is an enemy of Pakistan,” she went on to add.
2020-06-12 18:49:09
The provincial share in federal taxes is estimated at Rs 2,873.7 billion during 2020-21, which is 11.7% lower than the budget estimates for 2019-20.
2020-06-12 19:00:36
Islamabad Chamber of Commerce and Industry (ICCI) President Muhammad Ahmed said he welcomed the Budget 2020-21, terming it "business-friendly".
Ahmed noted that the customs and regulatory duties were reduced and relief provided to the industries, which brought down the inflation rate. "The governmentpresented a business-friendly budget," he added.
The ICCI president also welcomed the move of relaxing the condition of presenting CNIC copies for transactions — now at Rs100,000. "Now new taxes were introduced and that is great," he said.
The move to give concessions on imported products for children was commendable. "The budget speech seems that [the government] gave a lot of concessions," he said.
"The government's direction of running business operations is clear," Ahmed noted, adding that the fixed tax rate, however, may pose challenges to the small business owners.
2020-06-12 18:59:12
The PTI government has failed to achieve its own targets, lawmaker Maulana Asad Mahmood, the chairperson of the National Assembly Standing Committee on Religious Affairs and Inter-faith Harmony, said while reacting to the Budget 2020-21.
The impression of Adviser to the Prime Minister on Finance, Dr Abdul Hafeez Shaikh, regarding the budget was that he gave in. "This government has taken the GDP to -0.4%," he said.
"There is a deficit of about Rs900 billion in the taxes to be collected. The government presented three budgets a year and continued to impose new taxes," Mahmood added, noting that the no member of the Opposition party was provided a copy of the budget.
"The [incumbent] government is trying to shift its burden to the prior governments," he added. "The government failed to achieve its own targets."
2020-06-12 18:45:57
PML-N leader Rana Sanaullah while reacting to the Budget 2020-21 said the government was trying to hide behind the coronavirus pandemic and that the current economic condition of Pakistan has been "destroyed".
Speaking to the media outside the Parliament House, Sanaullah said: "The government neither raised the salaries of civil servants nor provided any relief.
"This budget is an anti-poor budget," the PML-N leader added.
2020-06-12 18:46:19
Federal Minister Hammad Azhar said that the hotel industry in Pakistan has been hit hard by the COVID-19 pandemic hence a 0.5% tax reduction has been imposed in budget 2020-21
2020-06-12 18:44:06
The government, in its annual budget, has estimated the net revenue receipts atRs3,699.5 billion
2020-06-12 18:42:22
The government has set the outlay of the budget 2020-21 at Rs7.24tr, which is 11% lower than the budget estimates 2019-2020.
2020-06-12 18:33:52
Federal Minister Hammad Azhar notes that the hit from the coronavirus to the GDP aggregated to Rs3.3 trillion and the GDP ratio crashed so severely that it went from 3.3% to -0.4%.
Total budget deficit-to-GDP ratio, which was 7.1%, on the other hand, rose to 9.1%, he says, while FBR collections are expected to fall Rs0.9 trillion and the government's non-tax revenues fell Rs102 billion.
Remittances and exports also took a significant hit and there was an increase in unemployment and poverty, he adds.
2020-06-12 18:19:12
Coronavirus pandemic was a huge setback for the underdeveloped nations, Federal Minister Hammad Azhar notes, adding that although it was first thought to be a health issue but "soon afterwards, its social and economic impacts came to the fore".
Azhar says the PTI government's efforts for economic stability were hampered due to the coronavirus pandemic.
"In these challenging times, the government's top priority is to save lives and efforts are being made to reduce the effect on people's lives and livelihoods," he says.
Economic activity dampened due to the prolonged lockdown, business crisis, travelling bans, and social distancing, causing negative impact on the GDP rate and investment, he adds. Poverty in underdeveloped countries rose due to higher unemployment, he says.
2020-06-12 18:19:03
The government's expenditures on running itself have been kept largely unchanged for next year as it attempts to conserve resources for the fight against coronavirus.
2020-06-12 18:13:53
After sharply increasing foreign borrowing this year, the government plans to keep the trend mostly unchanged for next year, likely because it may find itself out of options when it comes to drumming up the resources to combat the challenges posed by the coronavirus pandemic.
2020-06-12 18:03:38
The government announced a historical package of Rs152 billion for the merged tribal districts of the Khyber Pakhtunkhwa province, Azhar says.
Employment opportunities were created for nearly a million Pakistanis abroad in order to bolster remittances, rising from $16 billion to $17 billion in the first nine months of FY2019-20.
Foreign direct investment (FDI) doubled from $0.9 billion to $2.15billion. he says.
Almost 74% of the internal debt was converted into long-term debt, Azhar notes. In addition, "the IMF while supporting our reforms programme approved a $6-billion Extended Fund Facility", he adds.
The minister explains that international credit rating agency, Moody's, bumped up Pakistan from B3 to B3-positive, whereas Bloomberg in December 2019 listed the Pakistan Stock Exchange (PSX) among the world's top-performing markets.
2020-06-12 18:06:50
Pakistan does not plan on retiring any foreign debt the next year in a bid to redirect critical resources to crisis management.
Interest payments on existing loans were also lower than budgeted this year.
2020-06-12 17:59:52
The government has budgeted a more than 100% increase in spending on Hospital Services under Budget 2020-21.
2020-06-12 17:52:00
The PTI government made external debt payments of $6 billion in the first nine months of FY2019-20, as opposed to $4 billion during the same period a year before.
However, the foreign exchange reserves remained at a stable level despite these payments, Azhar says.
It is noteworthy, he adds, that in the two years to date, the PTI government made interest payments worth Rs5 trillion — from debts obtained in prior regimes that added unusual burden to the Treasury.
2020-06-12 17:52:03
Each government will get the above shares from the total tax revenues collected next year under the formula that governs the NFC award.
2020-06-12 17:49:54
That's a wrap. Hammad Azhar concludes his budget speech amidst feeble protests by the opposition.
2020-06-12 17:39:02
"We started Fiscal Year 2019-20 to achieve our Parliament-approved targets and we made strong efforts, bringing stability to the economy," Hammad Azhar says.
As a result, there was visible improvement in the economic indicators during the first nine months of FY2019-20 as opposed to comparable time from FY2018-19.
Current account and trade deficits were brought down 73% and 31%, respectively, coming down from $10 billion to $3 billion and $21 billion to $15 billion, he notes.
In the same time, budget deficit was reduced from 5% to 3.8%, Azhar adds, noting that primary surplus became positive for the first time in a decade, coming up to 0.4% of the GDP.
The FBR's revenue experienced a 17% gain and the PTI government was in the position to achieve the targeted Rs4.8 trillion.
An improvement of 134% was seen in the non-tax revenue and "we will, God willing, obtain revenues of Rs1.6 trillion as compared to the target of Rs1.107 trillion".
2020-06-12 17:34:23
2020-06-12 17:35:05
Minister Hamad Azhar has announced that the defence budget has been put at 1.2 trillion in the budget for 2020-21.
2020-06-12 17:35:36
Federal Minister Hammad Azhar says no efforts had been made to stop money-laundering and terror-financing when the PTI government took charge, leading Pakistan to be put on the Financial Action Task Force's (FATF) 'Grey List.'
2020-06-12 17:28:42
Faulty policies and mismanagement, the circular debt of electricity was almost Rs1.2 trillion despite a payment of Rs485 billion, the burden of which was shifted to the people, Hammad Azhar explains.
No restructuring in public institutions led them to face losses upwards of Rs1.3 trillion, he adds. Multiple loans were obtained from the State Bank of Pakistan (SBP), causing severe damage to the banking system.
2020-06-12 17:33:35
2020-06-12 17:24:42
"The foreign exchange reserves of the State Bank of Pakistan (SBP) fell from $18 billion to less than $10 billion," says Federal Minister Hammad Azhar, while apprising the House of what the PTI government faced when it came into power in 2018.
This, he added, has brought Pakistan to the brink of bankruptcy. Budget deficit, on the other hand, had shot up to Rs2.3 trillion, he said.
2020-06-12 17:17:38
The government on Friday allocated Rs 24 billion for 41 ongoing and new projects that the Railways Division is taking.
2020-06-12 17:23:36
Hammad Azhar says he will apprise the House on what the PTI government inherited from its predecessor leadership.
"When our government took charge back in 2018, we inherited an economic crisis. At that time, the country's debt had doubled to a high of Rs31,000 billion and the interest payment unbearable.
"The current account deficit had shot up to $20 billion whereas trade deficit was $32 billion and there was no improvement in the exports," Azhar explains.
Pakistani rupee was maintained artificially and unrealistically at a high level, reducing the exports and pushing up the imports.
2020-06-12 17:15:36
The government has allocated Rs 12 billion in its Public Sector Development Program (PSDP) 2020-21 for the uplift of agriculture and development of livestock sectors in the country.
2020-06-12 17:11:11
As Federal MinisterHammad Azhar speaks in the House, members of the Opposition parties display various placards, with statements such as 'For God's sake, fulfill the promises you made to the employees of the Pakistan Steel Mills' and 'Sugar thief'.
2020-06-12 17:08:27
The federal government has allocated Rs 47.8 billion under Public Sector Development Programme (PSDP) for the ongoing and new schemes of Cabinet Division for fiscal year 2020-21.
2020-06-12 17:05:36
The government has allocated Rs80 million in Public Sector Development Programme (PSDP) 2020-21 for one ongoing scheme of the Board of Investment (BOI) for the industrial promotion and Investment in the country.
According to the details, the government has allocated Rs80 million for establishment of Project Management Unit (PMU) on China Pakistan Economic Corridor – Industrial Cooperation Development Project (CPEC-ICDP) in PSDP 2020-21 for industrial cooperation between Pakistan and China.
2020-06-12 17:04:30
The federal government has allocated Rs 1.5 billion for the two ongoing schemes of the Defense Production Division under the Public Sector Development Programme (PSDP) 2020-21.
2020-06-12 17:02:12
Azhar says the incumbent government has full confidence in Pakistani people's abilities and that "we need their cooperation in achieving the goals".
The government is focused on providing social justice and improving the conditions of the society's weak and destitute, he adds, noting that it aims at working for fellow citizens burdened under poverty.
"This is our vision and leading principle," he says.
2020-06-12 16:59:42
The government has budgeted total expenditures of Rs7,136 billion, of which Rs6,345 billion will be spent under the current expenditures head and Rs792 billion under the development head.
The expenses will mainly be covered by Rs3,700 billion raised through tax revenues (after provincial transfers), Rs810 billion in foreign loans and Rs889 billion in borrowing from banks.
2020-06-12 17:00:19
The federal government has allocated Rs53.8 million in the Public Sector Development Program (PSDP, 20-21) for seven various projects of Narcotics Control Division.
2020-06-12 16:56:30
The Federal Government has allocated Rs 4.5 billion under the Public Sector Development Programme (PSDP) for ongoing and new schemes under taken by the Federal Education and Professional Training ministry.
According to the budget documents, a total of Rs 4.1 billion has been earmarked allocated for ongoing schemes and Rs 355 million for the new schemes that the ministry Ministry hopes to take.
2020-06-12 16:57:59
"In the decision-making process on every stage, it has been our goal to follow and implement merit," Minister Hammad Azhar explains. The PTI government's primary goal has been to bring improvement in the economy.
Azhar notes that putting the Islamic Republic of Pakistan on the path to achieving a strong and stable economy — a dream that the country's founders had — was the government's goal as well.
2020-06-12 16:53:17
Opposition lawmakers in the National Assembly have been shouting "Go Niazi Go" to register their protest against the ruling party's budget
2020-06-12 16:53:01
Geo News reports that Rs650bn have been set aside for federal development programmes.
A Rs1.108 trillion target has been set for non-tax revenues
The FBR has been given a tax target of Rs4.963 trillion.
The government expects Rs100bn from privatization proceeds.
2020-06-12 16:51:19
The Federal Government has allocated Rs 2.6 billion for the ongoing and new projects of Maritime Affairs Division for the fiscal year 2020-21 under the Public Sector Development Programme (PSDP).
According to the break up, Rs 1.4 billion has been remarked for the ongoing projects and Rs 1.2 billion has been allocated for the new projects that the ministry plans to undertake.
2020-06-12 16:54:19
"The aim of our economic policies is fulfillment of our promise of 'Naya Pakistan' to the nation. With every passing year, we're getting closer to making this a reality," Minister Hammad Azhar says, adding that in the past two years.
The government's primary policy has been to eliminate corruption, bring transparency in the public institutions,and continue the process of accountability, he adds.
2020-06-12 16:46:35
The government has allocated Rs 4.9 billion for the eight ongoing and three new projects of SUPARCO under the Public Sector Development Programme (PSDP) 2020-21.
2020-06-12 16:45:58
The government has recommended Rs 100 million monitoring and evaluation unit for Ehsaas Programme, documents showed
2020-06-12 16:50:02
Industries and Production Minister Hammad Azhar says the PTI government started at a challenging level and initiated efforts to resume the economy in order to bring improvement in the stability and economic growth in the medium term.
2020-06-12 16:43:42
The government has allocated Rs135 million in the Public Sector Development Programme (PSDP) 2020-21 for the Poverty Alleviation and Social Safety Division, documents showed.
According to the PSDP, the government has allocated Rs35 million for the ongoing pilot project for Tahafuz which hopes to provide health and nutrition facilities to families living in remote areas of the country.
2020-06-12 16:52:09
The government has set aside Rs2.496 trillion for interest payments for next year, Geo News has reported.
2020-06-12 16:40:10
Opposition in the National Assembly has started distributing banners to protest against the budget being presented by Minister Hammad Azhar.
2020-06-12 16:38:42
Azhar said the PTI government has paid nearly Rs5 trillion in interest payments on past debts in its two years in power.
2020-06-12 16:40:55
The budget speech started without the usual shouting match across the aisle, probably because of the limited number of lawmakers present in the house.
However, the peace was not to last, with some jeering heard as Hammad Azhar got into his speech. The protests were not as feisty as earlier years though, and soon died down.
2020-06-12 16:38:00
Minister Hammad Azhar says it is an honour to present Pakistan Tehreek-e-Insaf'a government's second budget for its tenure.
2020-06-12 16:26:23
People have asked the government to provide relief in the budget as the coronavirus lockdown has hit their earnings badly.
Talking to Geo News, they urged the Pakistan Tehreek-e-Insaf government to consider the poor segment of the society while preparing the next budget.
"Due to high inflation, we are facing immense problems as our purchasing power has been eroded significantly,” a Karachi-based worker said.
Another said that he expected a tough budget as the government itself is in a difficult position this time.
2020-06-12 16:29:40
Minister for Industries and Production Hammad Azhar has been given the floor to present the federal budget for the fiscal year 2020-21
2020-06-12 16:33:14
Lawmakers are sitting at a distance from each other in the National Assembly as a safety measure amidst the coronavirus pandemic.
Prime Minister Imran Khan is making a rare appearance on the treasury benches. Foreign Minister Shah Mehmood Qureshi next to him. Finance Adviser Dr Abdul Hafeez Shaikh is sitting a seat away from Qureshi.
Minister for Industries and Production Hammad Azhar, who will be presenting the budget, is also present.
2020-06-12 16:22:31
2020-06-12 16:18:21
Prime Minister Imran Khan has reached parliament, where he will be meeting senior leaders from his party before they proceed for the budget session in the National Assembly.
Things are a little behind schedule, as the budget speech was expected to be delivered at 4pm.
Stay tuned for updates.
2020-06-12 16:06:23
2020-06-12 16:00:22
The budget has recommended Rs 81.55 billion for the Ministry of Water Resources, while Rs 1.32 billion has been recommended for the aviation division, showed budget documents obtained by Geo News.
2020-06-12 15:57:12
The budget has recommended earmarking Rs12 billion for the development projects proposed by the Ministry of National Food security.
2020-06-12 15:47:38
The budget for the upcoming fiscal 2020-21 has been recommended to be kept at 14.58 billion for the federal health ministry, documents obtained by Geo News showed.
2020-06-12 15:34:31
The federal cabinet has decided not to impose no new taxes in the budget for the fiscal year 2020-21 which will be presented before the National Assembly in a short while, sources told Geo News.
According to the sources, PM Imran, during the meeting, remarked that relief should be provided to the public in the budget.
2020-06-12 15:29:25
Punjab government has been given the largest share among the provinces in the development budget, show budget documents obtained by Geo News.
According to details Rs337 has been earmarked for Punjab, Rs165 billion for Sindh, Rs100 billion for Khyber Pakhtunkhwa and Rs75 billion for Balochistan.
2020-06-12 15:21:16
The growth target for the services sector has been set for 2.6%, showed budget documents obtained by Geo News.
While, the power production and gas sector has been recommended a growth target of 1.4%.
2020-06-12 15:10:28
The growth target for large industrial sectors has been suggested to be kept at negative 2.5%, and the construction sector's growth target has been set at 3.4%.
2020-06-12 15:06:55
The growth target for the agricultural sector has been suggested to be kept at 2.8%, sources told Geo News.
While the Industrial sector’s growth target has been kept at 0.1% and for the manufacturing sector, a negative 0.7% growth target has been suggested.
2020-06-12 15:02:31
The GDP growth target for the fiscal year 2020-21 has been kept at 2.1%, sources told Geo News.
2020-06-12 14:59:30
The upcoming year’s national development budget has been set at Rs1.3 trillion, show budget documents obtained by Geo News.
The federal development budget has been earmarked at Rs650 billion, while the provincial development budget has been earmarked at Rs674 billion, show documents.
2020-06-12 14:58:13
Geo News' Saifur Rahman reports that the government is targeting 2.1% GDP growth for next year.
Agriculture is targeted to grow 2.8%, Industrial sector is expected to grow 0.1%, and the services sector is expected to 2.6%.
2020-06-12 14:48:51
Due to the economic crisis triggered by the coronavirus crisis, civil servants' pays and pensions will be unchanged from last year in the Budget 2020-21,Geo News'sAyaz Akbar Yousufzai reports.
2020-06-12 14:20:31
The petroleum division has included setting up of testing laboratories for petroleum products in the four provinces in the budget for the fiscal year 2020-21, said a spokesperson.
According to the spokesperson, the facilities will allow the testing of HDIP Euro IV petrol. He added that it will also provide environment-friendly petrol and petroleum products,
The spokesperson shared that the new budget also includes two projects to supply gas to the special economic zones being set up in Rashakai in KP and Dhabeji in Sindh. He added that the project will cost approximately Rs1.5 billion.
2020-06-12 14:02:31
The federal government has recommended giving a Rs200 billion subsidy to the power sector, sources told Geo News ahead of the budget's presentation before the National Assembly.
They added that the FATA electricity subsidy has been earmarked at Rs10 billion. While Rs 132 billion subsidy has been recommended for those home users who consume less than 300 units of electricity.
Officials have disclosed that Rs 8 billion has been earmarked for Balochistan’s agriculture tube wells.
2020-06-12 13:42:53
The Federal Cabinet on Friday formally approved federal budget for the fiscal year 2020-21, sources told Geo News.
the budget will now be presented before the National Assembly for approval.
According to the sources, Adviser to PM on Finance Abdul Hafeez Shaikh briefed the cabinet on the budget and took them in confidence.
However, the sources stated that there were disagreements in the cabinet whether the government should approve an increase in the salaries of federal government employees.
2020-06-12 13:11:51
2020-06-12 12:56:04
KARACHI: All-City Traders Association has demanded the government to provide special relief to businessmen in the upcoming budget.
“An interest-free loan should be offered to the traders,” demanded trader leader Hakeem Shah. He also demanded that the income tax should be reduced by 50%.
“The CNIC requirement should be held back for another year,” said Shah, and demanded the government to withdraw withholding tax on transactions over 50,000.
2020-06-12 12:44:34
Finance ministry presents budget 2020-21 to the federal cabinet for its approval, sources told Geo News on Friday.
According to the sources, the cabinet meeting will deliberate whether the government should increase the incomes of government employees or not.
Once the cabinet approves the budget then it will be presented before the National Assembly.
2020-06-12 10:25:53
2020-06-12 10:16:43
Prime Minister Imran Khan has summoned a special meeting of the Federal Cabinet for the budget 2020-21 that will be presented today.
During the meeting, Advisor to Prime Minister on Finance Abdul Hafeez Shaikh will brief the cabinet on the budget. The meeting will take the cabinet into confidence regarding the expenses, budget deficit and coronavirus relief package.
The cabinet will also be briefed on the development budget subsidy, exports, imports and the country’s debt.
2020-06-11 23:29:35
While the Federal Board of Revenue managed to increase tax collection by 10.8% to Rs3.3 trillion in the July 2019-April 2020 period, it still fell far short of both its original target of Rs4.81 trillion and revised target of Rs3.91 trillion.
The target had been revised down due to the coronavirus pandemic.
The government said the nearly 11% increase in tax collection was due to "charging sales tax on more items at the retail price under 3rd Schedule, reinstatement of taxes on telecom services and an upward revision of tax rates on various salary slabs."
2020-06-11 23:00:50
The Pakistan Economic Survey revealed that the government had achieved considerable success in narrowing the trade deficit — the difference between imports and exports — as well, shrinking it by 27.8%.
This was achieved mainly due to lower imports, which declined 19% to $40.9 billion in the July 2019-May 2020 period.
Exports also fell 6.9% to $19.8 billion in the same year, in part due to the global coronavirus shutdown.
2020-06-11 22:52:08
After slashing the current account deficit by 30% in FY2019, the government had reduced the CAD by another 73% in the first nine months of the outgoing fiscal year.
However, the impact of the coronavirus pandemic on the current account deficit in the last three months of the fiscal year is still unclear and the government may have lost some of its hard earned gains by the time the final numbers roll in.
2020-06-11 22:25:57
Minister for Industries and Production Hammad Azhar had tweeted yesterday that the cabinet has ratified a Mobile Manufacturing Policy and approved an Electric Vehicle Policy for 2-3 wheelers and trucks and buses.
The decision could see mobile phone manufacturing companies set up plants in Pakistan to manufacture devices. If successful, the policy could create jobs as well as provide cheaper devices for consumers.
The Electric Vehicle Policy for 4 wheelers (sedans, SUVS et al) is still being deliberated, he had said.
2020-06-11 22:12:25
According to the Pakistan Economic Survey 2019-20, perishable food items (meats, vegetables and fruits, etc) registered a staggering 34.7% increase in prices in the outgoing year, disproportionately hurting the most vulnerable citizens who spend a large percentage of their income on food.
As a whole, food inflation clocked in at 15.9%, compared to overall (CPI) inflation of 11.2%.
2020-06-11 22:02:25
The government on Friday unveiled the Pakistan Economic Survey 2019-20 in Islamabad in a late afternoon press conference presided over by Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh.
Highlights of the survey include the first contraction in Pakistan's GDP in more than 6 decades as the coronavirus continues to wreak havoc both within and outside the country.
The GDP is forecast to shrink by nearly 0.4%, due mainly to contractions in the industrial and services sectors. Modest growth in agriculture has not been enough to tide over the losses.
You can read more about Dr Abdul Hafeez Shaikh's press conference and the report here.
2020-06-11 21:58:20
Hello and welcome to Geo.tv's live blog for Pakistan's Budget 2020-21.
We will be bringing you the latest updates and news from around Pakistan on the budget session, the proposals put forth by the government for next fiscal year, and reactions from industry leaders, economists and experts.