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budget 2021-22 Pakistan

Finance Minister answers the reason behind going to IMF

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Finance Minister hints at "extraordinary" drop in flour prices in next few days

Finance Minister Shaukat Tarin spoke about the major challenges faced by the PTI government Tarin further explained how the government tried to deal with these challenges with limited resources. The biggest difficulty, he said, “When the PTI government came to power, was the country’s current account deficit of $20 million”. In the past, growth could … Read more

PML-N leader Shahbaz Sharif accused government for revealing “fake” numbers in the budget. 

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Shahbaz Sharif

PML-N leader Shahbaz Sharif criticized the government, accusing it of misleading commonalities by revealing “fake” numbers in the budget. The leader of the Opposition in the National Assembly was speaking on the federal budget issued by the government a few days ago, plaintive that the poor were anguish from poverty while the government appealed it … Read more

Budget 2021-22: Pakistan May Witness Major Price Hike In Petroleum Products

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Budget 2021 petroleum price

Finance Minister Shaukat Tarin has on Friday after announcing the Budget 2021-22 said the prices of petroleum products will be increased in the coming month as talks with the International Monetary Fund (IMF) continue over the stabilization of revenue collection.

Shaukat Tarin said the petroleum levy would be raised up to Rs600 billion in the announced Budget 2021-22 so the levy will have to be jacked up in the range of Rs20 to Rs25 per litre, while currently Rs5 per litre levy was being charged.

When asked whether Pakistan will pull out of the IMF programme if the Fund rejects the proposals and sticks to its demands, the finance minister said Pakistan will not exit from the programme, adding that the Fund had asked Pakistan to present its budget so negotiations will continue.

He said Saudi Arabia had agreed to provide oil on deferred payments, but it could not be ascertained how much oil Pakistan will get.

Ambitious target

In the Finance Bill 2021-22, the government is eyeing Rs506 billion in additional revenue through taxation and enforcement measures during the next fiscal year.

The FBR will fetch a net additional collection of Rs264 billion through taxation measures and another Rs242 billion in the shape of enforcement measures.

In order to materialise the fixed tax target of Rs5.8 trillion, the FBR will generate Rs2.1 trillion through direct taxes and Rs3.6 trillion in the shape of indirect taxes.

It clearly indicates that the reliance on increased indirect taxation will continue for the next fiscal year.

Federal Govt. Notified Lowering Sales Tax On Petroleum Products

Earlier, the Federal government had announced to lower sales tax on petroleum products.

According to a notification issued today, the sales tax on Kerosene oil was lowered to 10.07% against the previously charged tax of 15.44%. The sales tax on light diesel was lowered to 3.67% from 7.56%.

However, the notification mentioned that the sales tax would be charged at 17% on petrol, and high-speed diesel, and there would be no changes in it.

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Budget 2021-22: Shafqat Mahmood Terms HEC Budget ‘most Pro Education’

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Budget 2021 HEC budget

The federal government has assigned Rs42, 450 million for the Higher Education Commission (HEC) for the Budget 2021-22 under the Public Sector Development Programme (PSDP).

According to the Budget 2021-22 document, Rs29, 736 million have been reserved for ongoing projects and Rs12, 713 million for new schemes.

In this regard, Federal Minister for Education Shafqat Mahmood said that the resented budget for education is the “most Pro” Higher education budget ever.

In his tweet on Saturday (today), Shafqat wrote, “Most pro Higher education budget ever. Development spending enhanced to 37 billion. The maximum spent by N in its last year was 18 billion. On the recurring side 66 billion-plus special addition of 15 billion making it over 81 billion. Total allocation to HE 118 Billion. Thx PMIK.”

He further extended thankfulness to Prime Minister Imran Khan for the enhanced development in the education sector.

Mahmood further compared the budget announced by the Pakistan Muslim League-Nawaz (PML-N) government in the past years to that of the incumbent PTI-led government.

He said, “Just check the spending figures, not allocation. What’s the use of allocation if not utilised. Total spent on the development side by Pmln govt in its last year was 18 billion. On the recurring side allocation of 81 billion is a 20% jump and the most ever.”

Budget 2021-22: HEC To Get Rs42.45 Billion

Among the ongoing schemes, an amount of Rs100 million has been allocated for the Centre of Mathematical Science (CMS) at PIEAS Islamabad, Rs225 million for the development of Fatima Jinnah Women University, Campus-II (Phase-2) Chakri Road Rawalpindi, Rs300 million for the formation of Federal Institute in Hyderabad, Rs100 million for setting up the Main Campus of the Federal Urdu University of Arts, Science and Technology in Islamabad and Rs300 million for the establishment of FATA University.

Furthermore, Rs250 million have been allocated for the establishment of NUST Campus at Quetta, Rs500 million for growth and the upgrading of International Islamic University Islamabad, Rs250 million for the establishment of the University of Baltistan at Skardu, and Rs175 million for the establishment of the University Campus for Women at Bannu.

Likewise, Rs1, 750 million have been earmarked for Higher Education Development Programme (HEDP), Rs800 million for Overseas Scholarships for MS/M, and several others.

Among fresh structures, Rs375 million have been earmarked for solidification of Shaheed Benazir Bhutto Women University Peshawar, Rs300 million for consolidation of The Women University Multan (Phase-II), and Rs411 million for upgrading Abdul Wali Khan University Mardan.

Furthermore, Rs1,000 million has been earmarked for the establishment of the Centre for Advanced Research in Molecular, Genetic, and Allied Facilities at SMBB Medical University Larkana and Rs25 million for the unavailable facilities for The Shaikh Ayaz University Shikarpur.

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Budget 2021-22: Tax To Be Reduced On vehicles smaller than 850 cc

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Car sales down 2 per cent in August

In the federal budget 2021-22, being presented by Finance Minister Shaukat Tarin in the National Assembly (NA) today, it is expected that small cars and motorcycles will become cheaper.

According to sources, the budget 2021-22 will propose to reduce taxes on vehicles smaller than 850 cc.

A proposal to reduce sales tax, excise duty and additional customs duty on small vehicles are also under consideration, sources said.

In addition, a plan may be given to reduce the tax on various brands of new motorcycles and on new models of tractors.

Finance Minister Shaukat Tarin Presenting Third Federal Budget

The Pakistan Tehreek-e-Insaf (PTI) government begins presenting the federal budget 2021-22 with a total outlay of Rs7.​136 trillion, a little expansionary to get economic recovery.

Prime Minister Imran Khan, federal ministers and PTI members are present in the National Assembly session.

As soon as the budget speech of the Fiance Minister commenced, the House erupted with the noisy response from the opposition benches.

Finance Minister Shaukat Tarin said that the volume of the federal budget has been kept at Rs 8,487 billion.

Finance Minister Shaukat Tarin said that it is an honour for him to present the third budget of the PTI government.

“We went bankrupt because of the debts, we inherited a deficit of $20 billion, interest rates were kept low and loans were taken from commercial banks,” he added.

Delivering a budget speech, the Federal Minister said that the interest rate was artificially kept low and all the loans were taken from the SBP which created a severe imbalance in the financial volume, the volume of loans from the SBP reached a dangerous level of Rs. 70 trillion.

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Budget 2021-22: PTI Government Presenting Third Federal Budget – Watch LIVE

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Budget 2021-22: PTI Government Presenting Third Federal Budget

The Pakistan Tehreek e Insaf (PTI) government is presenting the federal budget 2021-22 of about Rs 8,000 billion with a deficit of Rs 3,050 billion. Prime Minister Imran Khan, federal ministers and PTI members are present in the National Assembly session. As soon as the budget speech of the Finance Minister commenced, the House erupted … Read more

Budget 2021-22: Fawad Chaudhry Asks Opposition To Give Their suggestions for improvement

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Pakistan Not Able To Increase Defence Budget Due To Previous Govts' Debts

Minister for Information and Broadcasting Fawad Chaudhry has on Friday seeks suggestions from the opposition parties on Budget 2021-22, set to be presented in the National Assembly today.

“Opposition should read the budget and give their suggestions for improvement,” Fawad said adding that if the government’s method for increasing exports was not good enough then the opposition should make suggestions in this regard.

He said that a debate on budget would continue for 10 days. “Anyone could create a ruckus during the process but we want to engage them in a serious debate over the matter,” Chaudhry added.

He said that the government wants to give voting rights to the overseas Pakistanis, however, the opposition parties are opposing it.

Earlier in the day, the federal cabinet meeting, chaired by Prime Minister Imran Khan earlier approved the Budget for 2021-22, permitting a 10% hike in salaries and pensions of the government employees.

Also, the meeting approved the imposition of taxes on mobile phones.

Shaukat Tarin To Present Budget 2021-22 In National Assembly Today

The budget for the financial year 2022-2021 will be presented in the National Assembly today.

The total volume of the budget for the year 2021-22 is likely to be more than Rs 8,000 billion, which will be presented by the Federal Minister of Finance Shaukat Tarin in the National Assembly.

Will there be an increase in the salaries of government employees or not? The final decision will be taken at a meeting of the federal cabinet before the budget is presented.

It is proposed to increase the salaries of government employees by 10 to 15 per cent.

900 billion is being allocated for the federal development budget and Rs. 1,330 billion for defence.

The target for tax collection in the new financial year will be Rs 5,705 billion, 480 billion in pensions, 530 billion in subsidies, 900 billion in development budget, 510 billion in civil government expenditure and 994 billion in grants.

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Budget 2021-22: Opposition Plans Strong Protest During Session

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Budget 2021-22: Opposition Plans Strong Protest During Session

The Opposition held a meeting of its parliamentary members under the chairmanship of PML-N President Shehbaz Sharif following the budget session. Sources said important decisions related to the budget have been taken in the meeting. The meeting decided to take on the government with challenging its quest of presenting the third budget with a protest … Read more

Budget 2021-22: PM Imran Reaches Parliament To Attend Session

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Prime Minister To Visit Gwadar Today To Inaugurate Several Projects

After the meeting of the Federal Cabinet, Prime Minister Imran Khan reached the Parliament House to attend the budget session. On this occasion, the journalist asked the Prime Minister, Khan Sahib, what will be the people-friendly budget? On this, Prime Minister Imran Khan says everyone will be happy with the budget. It should be noted … Read more

Budget 2021-22: Federal Cabinet Approves 10% Hike In Salaries, Pensions

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Budget 2021-22 Salary pension rise

The Federal Cabinet meeting, which took place under the chair of Prime Minister Khan, today has given approval for the presentation of Budget 2021-22 in the National Assembly (NA).

The Cabinet discussed the Budget 2021-22 proposals for the next fiscal year and approves the hike of pension and salaries by 10%.

Also, the meeting also approved the imposition of taxes on mobile phones.

https://twitter.com/PakPMO/status/1403297898712997888?s=20

Earlier on June 7, the government of Punjab had proposed a 15% rise in salaries and pensions in the budget of the province for the next fiscal year 2021-22.

However, other than an increase in salaries, the development outlay-Annual Development Plan (ADP)- for the province will be set at Rs480 billion for the next fiscal year.

A total of Rs265 billion would be earmarked for the ongoing projects while Rs130 billion would be set aside for new uplift schemes. A development budget of Rs62 billion is earmarked for Lahore uplift projects.

Government Presents GDP Growth Rate At 4.8%

The federal government has proposed Gross Domestic Product (GDP) growth rate at 4.8% for the upcoming Budget 2021-22 here on Friday (today).

According to the budgetary document available, the GDP growth rate has been set at 5% and for important crops, the growth rate has been forecast at 2.2%.

The growth rate for cotton has been proposed at 10% of the overall GDP projected by the federal government for the upcoming FY22, read the budget document.

For the industrial sector, the growth rate has been set at 6.5% and 6.2% has been estimated for the manufacturing sector.

The growth target for the large manufacturing sector has been proposed at 6%. However, for the construction sector, it has been jutted at 8.3%.

Shaukat Tarin To Present Budget 2021-22 In National Assembly Today

The budget for the financial year 2022-2021 will be presented in the National Assembly today.

The total volume of the budget for the year 2021-22 is likely to be more than Rs 8,000 billion, which will be presented by the Federal Minister of Finance Shaukat Tarin in the National Assembly.

Will there be an increase in the salaries of government employees or not? The final decision will be taken at a meeting of the federal cabinet before the budget is presented.

It is proposed to increase the salaries of government employees by 10 to 15 per cent.

900 billion is being allocated for the federal development budget and Rs. 1,330 billion for defence.

The target for tax collection in the new financial year will be Rs 5,705 billion, 480 billion in pensions, 530 billion in subsidies, 900 billion in development budget, 510 billion in civil government expenditure and 994 billion in grants.

Read more

Budget 2021-22: Government Presents GDP Growth Rate At 4.8%

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Budget 2021-22 GDP growth rate set

The federal government has proposed Gross Domestic Product (GDP) growth rate at 4.8% for the upcoming Budget 2021-22 here on Friday (today).

According to the budget 2021-22 document available, the GDP growth rate has been set at 5% and for important crops, the growth rate has been forecast at 2.2%.

The growth rate for cotton has been proposed at 10% of the overall GDP projected by the federal government for the upcoming FY22, read the budget document.

For the industrial sector, the growth rate has been set at 6.5% and 6.2% has been estimated for the manufacturing sector.

Growth target for the large manufacturing sector has been proposed at 6%. However, for the construction sector, it has been jutted at 8.3%.

Before the approval, the government presented a Rs8.5 trillion budget 2021-22 today.

The government aims at moving towards graduating from stabilization to growth trajectory by ensuring direct interventions for providing relief to 4 to 6 million poor people. The budget revolves around 3Ds on the expenditures front including debt servicing, defence and development.

Shaukat Tarin To Present Budget 2021-22 In National Assembly Today

The budget for the financial year 2022-2021 will be presented in the National Assembly today.

The total volume of the budget for the year 2021-22 is likely to be more than Rs 8,000 billion, which will be presented by the Federal Minister of Finance Shaukat Tarin in the National Assembly.

Will there be an increase in the salaries of government employees or not? The final decision will be taken at a meeting of the federal cabinet before the budget is presented.

It is proposed to increase the salaries of government employees by 10 to 15 per cent.

900 billion is being allocated for the federal development budget and Rs. 1,330 billion for defence.

The target for tax collection in the new financial year will be Rs 5,705 billion, 480 billion in pensions, 530 billion in subsidies, 900 billion in development budget, 510 billion in civil government expenditure and 994 billion in grants.

Read more

Budget 2021-22 Updates: Latest News Of Budget 2021 Pakistan

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Budget 2021

The budget for the financial year 2022-2021 has been presented in the National Assembly.

The total outlay of the budget for the year 2021-22 is Rs8.487 trillion, presented by the Federal Minister of Finance Shaukat Tarin in the National Assembly.

In the federal cabinet meeting, it was approved that Capital Gains Tax (CGT) will decrease to 12.5 per cent.

Rs900 billion is being set aside for the federal development budget and Rs. 1,330 billion for defence.

The target for tax collection in the new financial year will be Rs 5,705 billion, 480 billion in pensions, 530 billion in subsidies, 900 billion in development budget, 510 billion in civil government expenditure and 994 billion in grants.

Reduction in capital gains tax to attract foreign investment

The Federal Budget FY22 has proposed a reduction in the capital gains tax (CGT) rate on the disposal of shares to 12.5 per cent from the existing 15 per cent.

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