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What we know so far about the upcoming 2020-21 Budget?
In a few weeks from now, the GOP is going to unveil the 2020-21 fiscal budget. It is expected to be less than the preceding year’s total budget of Rs 1.7 trillion as the GDP growth is expected to be shrunk by negative 1.5 percent, thanks to the rupee devaluation and economic downturn due to the novel coronavirus.
Probably the only good thing we know so far is that no new taxes are being imposed on the public rather more people will be brought into the tax net. The country’s security is the first priority of Pakistan so its need will be fulfilled.
What are the expectations so far?
Moreover, the FBR tax target is sought to be reduced to Rs 4,800 from Rs 5,103 bn. Apart from this there is a high chance of subsidiary to construction and related industries and cut in non-developmental expenditures. Answering the question that, whether the salaries of the government employees be increased? The spokesperson replied, “As always it will be decided by ministers at the last moment”.
There is some other news circulating that the PTI government is likely to announce a 20% Salary rise for the Government Servants. The sources revealed that the same percentage of rising pensions is also anticipated. Whereas the IMF is vocal against any such move. The Monetary Fund raises its concerns over any such move. They also made it clear that the Fund will not release Support to Pakistan if it implements a raise in pensions and salary.
We will let you know each and every update on the Budget for the fiscal year 2020-21.
For updates, watch this space….!