The government of Pakistan presented the Budget 2020-21 today in the Parliament. Federal Minister Hammad Azhar presented the Federal budget. Prime Minister Imran Khan also attended the Parliament’s budget session.
Budget 2020-21 Details
The overall expenditure during 2020-21 has been estimated at Rs 7,294.9 billion, out of which the current expenditure is Rs 6,345 billion.
The provincial share in federal taxes is estimated at Rs 2,873.7 billion during 2020-21.
The external receipts in 2020-21 are estimated at Rs 2,222.9 billion.
We bore a burden of 5000 Billion Rs. due to the debt payoff, Hammad Azhar.
No Supplementary Grants have been granted in the previous financial year.
The task force has been established for the austerity at government-owned organizations.
Ease of doing business, Pakistan is now at 108th in the world. Hammad Azhar.
Advice to increase excise duty on energy drinks from 13 percent to 25 percent.
118 Billion Rs. allocated for CPEC-related projects including its western route.
3600 billion Rs. Allocated for General Public services.
1,289 Billion Rs. allocated for defence.
20 billion Rs. allocated for Science and Technology.
Trade deficit reduced by 31 percent, and the budget deficit brought down to 3 percent.
FBR tax collection was 3900 Billion Rs. The target for the fiscal year 2020-21 is 4963 Billion Rs.
FBR revenue increased by 17 percent.
13 Billion Rs. allocated for Lahore, Federal, and Karachi Hospitals, which are under the federal government.
48 Billion Rs. allocated for the merged areas of KPK.
650 Billion Rs. allocated for PSDP.
80 Billion Rs. allocated to improve electricity transmission.
SBP will allocate 800 Billion Rs. for individual debts.
The net revenue receipts for the federal government in budget 2020-21 are estimated at Rs 3,699 billion.
13 Billion Rs. allocated for Lahore, and Karachi Hospitals, which are under the federal government.
Advice to reduce tax on cement production.
FAT increased on double cabin pickups.
Educational Institutions receiving an annual fee of more than 2 Lac Rs. have to pay 100 percent more in taxes.
Tax to be reduced for Educational Institutions and Wedding Halls.
People must show the ID card for the purchase of more than 50,000 to 100,000 Rs.
Estimated federal government expenses are 3,700 Billion Rs.
70 Billion Rs. allocated for water resources.
Advice to reduce the tax of the Hotel Industry by 0.5%.
1,324 Billion Rs. for the developmental projects.
73 percent developmental budget allocated for ongoing projects and 27 percent for new projects.
2 Billion Rs. allocated for Kamyab Jawan Program.
Advice to increase the tax on imported cars and luxury imported goods.
Advice to allocate 1.5 Billion Rs. for Naya Pakistan housing project.
Tax reduction on mobile phones manufactured in Pakistan.
10 Billion Rs. allocated for Reform Programs.
A special grant of 10 Billion Rs. for Balochistan.
No advance tax to be received on up to 200cc Motorbikes.
5 Billion Rs. allocated for Educational reforms.
50 Billion Rs. allocated for bill relief to small businesses.
FAT to be increased from 65 percent to 100 percent on Imported tobacco products.
180 Billion Rs. allocated for subsidies
A special grant of 55 Billion Rs. to Azad Kashmir and 10 Billion Rs for Gilgit.
10 Billion allocated for the Agricultural Sector.
208 Billion Rs. allocated for Ehsaas Program.
12 Billion Rs. allocated for the Ministry of Food Security.
37% increase in the tax return filings.
2 billion Rs. allocated to support Afganistan’s development.
30 Billion Rs. allocated for improvements in Education Sector.
6 Billion Rs. allocated to fight Climate Change.
40 Billion Rs. allocated for Pakistan Railways to provide subsidized transport.
24 Billion Rs. allocated for the Railway ML1 project.
The budget deficit will be more than 34 Billion Rs.
70 Billion Rs. allocated to fight coronavirus.
20 Billion Rs. allocated for Health Services.
1 Billion Rs. allocated for Arts and culture.
10 Billion allocated for the development of agriculture and Locusts control.
64 Billion allocated for Higher Education.
More than 1 Billion allocated to the Information Ministry to provide E-services.
70 Billion allocated for clean water projects in Gawadar.
50 Billion Rs. allocated for relief at Utility stores.
100 Billion Rs. placed for emergency funds.
Relief of 70 billion Rs. has been given to the public on Petroleum Prices.
The budget deficit was 2300 Billion.
No new tax in Budget 2020-21.
Inflation to be reduced from 9.1% to 6.5%.
The current account deficit to be reduced to 4.4%.
National tax collection increased by record 27%.
The tax to GDP ratio of Pakistan is 11%.
35 government-owned organizations to be privatized, suggested taskforce.
These were all the main points of the Budget 2020-21.
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