Budget 2020-21 live: Latest news and updates on the PTI govt's 'coronavirus budget'

Budget 2020-21 live: Latest news and updates on the PTI govt's 'coronavirus budget'

Latest news, updates and analyses from across Pakistan as the PTI government prepares to present its second budget amidst an economic crisis triggered by the coronavirus lockdown.

  • Friday Jun 12 2020 | 11:48 PM

    Social media reactions a mixed bag after proposed budget 2020-21 rolls out

    By: Web Desk

    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.

  • Friday Jun 12 2020 | 11:48 PM

    PTI’s second budget is ‘fudging’ of numbers: Sherry Rehman

    By: Web Desk

    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.

  • Friday Jun 12 2020 | 11:47 PM

    Budget 2021 ‘a path to destruction’: Shahbaz Sharif

    By: Web Desk

    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.

  • Friday Jun 12 2020 | 11:43 PM

    Budget 2020-2021: What's cheaper and what's dearer

    By: Web Desk


  • Friday Jun 12 2020 | 11:41 PM

    How will you be affected by the govt's tax measures?

    By: Web Desk

    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

  • Friday Jun 12 2020 | 11:38 PM

    The impact of COVID-19 and what the govt is doing to cope

    By: Web Desk

    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.

  • Friday Jun 12 2020 | 11:35 PM

    Financial analysts, businessmen say budget 2020-21 ambitious, 'directionless'

    By: Web Desk

    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

  • Friday Jun 12 2020 | 11:31 PM

    PTI’s strategy for Budget 2021

    By: Web Desk

    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.

    • No new taxes were introduced in order to provide relief to the masses
    • Proposed tax concessions will prove effective in helping boost the economic activities
    • Striking a balance between corona expenditure and fiscal deficit

    Read complete story here.

  • Friday Jun 12 2020 | 10:13 PM

    'PM Office expenses decline by 21%'

    By: Web Desk


  • Friday Jun 12 2020 | 09:56 PM

    PPP rejects Budget 2021

    By: Web Desk