ISLAMABAD – The Pakistan Tehreek-e-Insaf (PTI) led federal government is all set to present its second budget with a layout of Rs7,600 billion for the next fiscal year 2020-2021 today (Friday).
Federal Minister for Industries and Production Hammad Azhar will present the budget in the National Assembly.
According to media details, the budget will set target for tax revenue at Rs4,950 billion.
The session of upper house will also be held today at Parliament House in Islamabad at 5 p.m.
Minister for Industries and Production, will lay before the Senate a copy of the Finance Bill, 2020, containing the Annual Budget Statement.
A special session of the Federal Cabinet chaired by Prime Minister Imran Khan will also be held today to approve the budgetary proposals for the next year.
In order to ensure that the social distancing policy to prevent the spread of Covid-19 pandemic is followed, the opposition and government have agreed that only a maximum of 86 members (one-fourth of the total 342-member house), 46 from the treasury and 40 from the opposition, will be present in the house at one time.
New taxes?
Earlier, Advisor on Finance Dr Abdul Hafeez Shaikh at a news conference in Islamabad (Thursday) said that no new tax will be imposed rather the existing ones will be reviewed and cut.
The budget comes as the country tackles the ongoing health crisis caused by the outbreak of the novel coronavirus, which has shaken the economy.
The Pakistan government and the International Monetary Fund (IMF) have reached a consensus on not putting a freeze on the increase in salaries and pensions of government employees and keeping electricity and gas tarrifs at their current level, in the budget.
The issues came under discussion during the third round of talks between the Pakistani government and the International Monetary Fund (IMF) which ended on Tuesday, June 9.
Speaking on the occasion, Minister for Economic Affairs Khusro Bakhtiar said the country’s external debt stands at 76.5 billion dollars.
He said the Prime Minister’s debt relief call for the developing countries has provided a space of 1.8 billion dollars to Pakistan.
