Government is going to present his annual budget speech for the fiscal year 2020-2021 today. Currently, Government expected that budget will cover major areas related to managing of COVID-19 pandemic situation in Pakistan.
Hammad Azhar will speech for budget for fiscal year 2020-21. He is currently Federal Minister for Industries and Production. In Budget government expected that budget will be for over Rs 8 trillion this year. Budget deficit at over 8% of GDP expected to announce.
The Federal Bureau of Revenue’s (FBR) tax collections in the upcoming fiscal year expected at Rs 4.95 trillion and non-tax related revenue expected of Rs 1.2 trillion for the coming budget.
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For non filers tax rates expected to increase by the government. Due to Corona virus and lock down situation negative impacts are already on the GDP ratio. PTI Government expected that low income group of the society will be not be more taxed. However, new taxes and increase in tax rates expected on the businesses, non filers and luxury goods.