Important features of the federal budget 2020-21

0

Get real time updates directly on you device, subscribe now.

  1. 14 points of FATF have been completely implemented whereas 11 are being implemented.
  2. Rs 1 billion have been allocated to financially support artists.
  3. Rs 650 billion have been allocated for PSDP.
  4. For projects related to coronavirus, 73% for ongoing projects and 27% for new projects have been allocated.
  5. Rs. 70 billion have been allocated for the fight against coronavirus and other natural disasters. Rs 80 billion have been allocated for energy and power.
  6. Significant financial resources are being provided for water resources especially Diamer Bhasha, Mohmand and Dasu.
  7. The reserves of the State Bank of Pakistan declined from $18bn to $10bn due to the failed policies of the past.
  8. FBR revenue rises 17%
  9. Rs 40 billion has been allocated for Pakistan Railways to provide affordable transport to the people.
  10. The budget deficit had reached the highest level of 2300 billion
  11. The coronavirus pandemic caused our GDP to shrink by Rs3,300bn,
  12. The burden of Rs 5,000 billion has been incurred due to heavy debt repayments of the past.
  13. The current account deficit was at an all-time high of 20 20 billion
  14. The economic crisis is inherited
  15. The cooperation of the people is needed to achieve the desired goals
  16. Permission has been granted to make mobile phones in Pakistan
  17. Sales tax is being reduced for making mobile phones in Pakistan
  18. The tax to GDP ratio is 11%, which is less than what it has been in the past 20 years
  19. The tax rate on double cabin vehicles has also been increased
  20. The rate on caffeinated beverages has been increased from 13 to 25 percent
  21.  The rate of imported cigarettes has been increased from 65% to 100%
  22. Educational institutions that charge an annual fee of more than Rs 200,000 will have to pay 100% more tax.

He also informed that advance tax on auto rickshaws, motorcycle rickshaws and motorcycles up to 200cc has been abolished.

Get real time updates directly on you device, subscribe now.