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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: 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: 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 proposes tax on non-filer power consumers

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Budget 2021

KARACHI: The government has announced imposition of tax on the domestic electricity consumers who are not on the Active Taxpayers List (ATL).

Through the Finance Bill, 2021, the threshold of monthly electricity bill has been reduced from Rs75,000 to Rs25,000 for the purpose of levying withholding tax at the rate of 7.5 per cent.

However, this tax will not be applied on persons who filed their annual income tax returns and are on the ATL issued by the Federal Board of Revenue.

Other revenue measures in the Income Tax Ordinance, 2001 proposed through the Finance Bill, 2001 included introduction of a special regime for the export of services at par with the export of goods that will be taxed at one per cent under the final tax regime.

The bill proposed to eliminate block taxation of property income and shift to the normal tax regime. It also proposed reduction in block taxation on the capital gains on the disposal of immoveable properties if gain exceeds Rs20 million.

Besides, reduction in the block taxation on interest income, if it exceeds Rs5 million is also proposed. The government also proposed to expand the scope of withholding tax collection from the supply chain below manufacturers and importers of specified sectors.

The bill proposed to tax profit on the debt component of GP fund and other such funds. The finance bill also proposed to withdraw personal income tax exemptions.

[embedpost slug=”budget-2021-22-tax-free-border-sustenance-markets-proposed/”]

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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.

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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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Budget 2021-22: How Much Relief Will Govt Provide To People?

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Budget 2021-22: How Much Relief Will Govt Provide To People?

The budget for the financial year 2021-2022 will be presented in the National Assembly today and important information has begun to emerge. The federal development budget for the next financial year is proposed to be 38% higher than the current financial year, Rs 100 billion is proposed to be spent on power transmission projects and … 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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Budget 2021-22: Pakistan moving towards economic stability after a long time, Fawad Chaudhry

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Budget 2021-22 Fawad Chaudhry

Ahead of the federal budget 2021-22, Federal Minister for Information and Broadcasting Fawad Chaudhry has on Friday said that Pakistan is moving towards economic stability after a long time under the leadership of Prime Minister Imran Khan.

In a tweet, today, Fawad said all the economic indicators are positive.

The Minister said political and economic stability was attained due to full confidence of the general public and institutions in the vision of Prime Minister Imran Khan.

He urged the opposition to treat accountability and reforms separately and take part in the negotiation process with the government for electoral and judicial reforms.

On the other hand, all eyes will be on the National Assembly as the PTI-led government presents its third federal budget today (Friday).

The government has said it aims to move towards growth from stabilisation via direct interventions to provide relief to four to six million people. The budget revolves around the three Ds on the expenditures front, including debt servicing, defence and development.

Alarmingly, the resource envelope has diminished after paying resources to provinces under the NFC mechanism and fulfilling the debt servicing obligation.

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 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.

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

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

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 … Read more

Budget 2021-22: Govt. Intends to impose additional tax on cigarette industry

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Budget 2021-22

Pakistan’s health ministry has proposed a 30% hike in the tax rates for the cigarette industry in the upcoming budget 2021-22. The federal government is reviewing three different tax proposals.

According to media reports, tobacco companies, however, proposed no change to the tax rates and say they will bring the tax amount from Rs134 billion to Rs155 billion in the budget 2021-22.

The FBR has collected a tax amount of Rs134 billion during the current fiscal year.

Multinational giants have offered no change in the tax rates of the two-tier system and assigned to add Rs21 billion to FBR’s tax collection amount.

Moreover, local cigarette manufacturers from Mardan and AJK have suggested the government reduce excise duty on local brands, but they did not make any commitment to increase revenue.

Budget 2021-22: FBR Aims For Over Rs2,500bn Sales Tax Return

The federal government plans to present the budget 2021-22 on June 11, the Federal Board of Revenue (FBR) has set a sales tax collection target for the upcoming fiscal year at Rs2,506 billion.

The sales tax collection target has been set at Rs2,506 in the upcoming budget 2021-22, 30% is advanced as equated to the outbound fiscal year’s target.

They said the tax body aims to collect Rs2,500bn sales tax on different goods while Rs6.61bn on facilities.

Earlier on Monday, the National Economic Council (NEC) drove by Prime Minister Imran Khan set the financial development rate focus at 4.8% for the following monetary year.

Macroeconomic Framework for Annual Plan 2021-22 was supported by the National Economic Council during its most recent meeting. Additionally, the committee supported the (GDP) development projections for the monetary year 2021-22.

The proposed development focus of 4.8% was endorsed with sectorial development focuses of 3.5 pc for agriculture business, 6.5 pc for the urban area, and 4.7 pc for the administration area.

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