‘No new taxes’ in Federal Budget for FY20-21

05:31 PM | 12 Jun, 2020
‘No new taxes’ in Federal Budget for FY20-21

ISLAMABAD – In a major relief to the public, the Pakistan Tehreek-e-Insaf (PTI) government on Friday announced that it would not impose any new taxes.

Minister of Industries and Production Hammad Azhar said the budget was prepared in light of the impact of the Covid-19 pandemic.

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“No new taxes have been levied and expansionary policies are needed,” he announced in his budget speech.

As the Covid-19 pandemic delivers a brutal blow to an already bleak economy, the Imran Khan-led government announced what is being termed the 'corona budget' on June 12 (Friday). Despite efforts to turn around the economy, the threat of a recession looms.

For the first time in 68 years, Pakistan’s economy is set to contract in the outgoing fiscal year due to adverse impact of the novel coronavirus coupled with economic stabilisation policies that had hit the industrial sector much before the deadly pandemic.