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budget 2021 GDP growth rate

Budget 2021-22: Imported Make-up, Food And Perfumes Set To Become Costly

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Budget 2021-22: Imported Make-up, Food And Perfumes Set To Become Costly

Imported make-up, food, shampoo and perfumes are set to become costly in the budget as according to the government the high taxes on imported food items would only affect the rich. In the budget for the next financial year, sales tax on online purchases, regulatory duty on imports of mobile phones and tires have been increased. additional customs … Read more

Opposition Has Not Even Bothered To Read Budget Documents: Fawad Chaudhry

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

Federal Minister for Information and Broadcasting Fawad Chaudhry says that the attitude of the opposition has been irresponsible as they have not even bothered to read the budget documents so far. In a tweet released on the social networking site Twitter, he wrote that the budget has been appreciated by people from all walks of … Read more

BUDGET 2021-22: Was Proposed Tax On Internet Data Usage Part Of Budget?

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BUDGET 2021-22: Was Proposed Tax On Internet Data Usage Part Of Budget?

Finance Minister Shaukat Tarin presented the budget in the National Assembly and his speech mentioned the proposal to impose federal excise duty on the use of internet data. However, after the budget meeting, Federal Minister for Energy Hamad Azhar, referring to the imposition of duty on the use of Internet data in the federal budget, … Read more

Budget 2021-22: Businessmen hail budget as balanced, progressive

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Budget 2021

KARACHI: The business community has termed the Federal Budget 2021/22 balanced and progressive, as no new tax has been imposed on industry, and the rates of some of the already levied duties and taxes have been reduced. Addressing a press conference on Friday, FPCCI’s Businessmen Panel Chairman Mian Anjum Nisar along with FPCCI President Nasir … Read more

Budget 2021-22: Reduction in capital gains tax to attract foreign investment

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Budget 2021

KARACHI: The Federal Budget FY22 has proposed reduction in the capital gains tax (CGT) rate on the disposal of shares to 12.5 per cent from the existing 15 per cent. Ahsan Mehanti at Arif Habib Corp said reduction in the capital gains tax was a positive development. “It is a good development but too little, … Read more

Budget 2021-22: Govt abolishes withholding tax from banking transactions

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Budget 2021

KARACHI: The government has abolished the withholding tax on cash withdrawal from the banking system and non-cash banking transfers to provide relief to the general public.

The federal government in its Federal Budget 2021/22 presented on Friday took major relief measures by abolishing 12 withholding provisions from the Income Tax Ordinance, 2001.

Under the relief measures, the government has abolished the provisions of Section 231A related to banking cash withdrawal and Section 236P related to non-cash banking transfers of the Income Tax Ordinance, 2001.

Other provisions deleted from the ordinance to abolish the withholding tax included the collection of tax from persons remitting amounts abroad through credit or debit or prepaid cards; collection of tax on domestic air travel; collection of tax on international air travel; tax collection on extraction of minerals; collection of tax from the members by a stock exchange registered in Pakistan, it said.

Similarly, the collection of tax on marginal financing by the National Clearing Company Pakistan Limited (NCCPL); tax collection from compressed natural gas (CNG) stations; and collection of tax on certain petroleum products have also been abolished.

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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.

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