All the main points: Budget 2020-21, Pakistan.

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.
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• 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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