Budget for the financial year 2020-21

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The budget for the financial year 2020-21 is welcome, Islamabad Chamber of Commerce

According to Baghi TV report, the President of Islamabad Chamber of Commerce and Industry Muhammad Ahmed said that the budget for the financial year 2020-21 is welcome, in which customs and regulatory duties have been reduced.

Reacting to the budget presented by the federal government, the president of the Islamabad Chamber of Commerce and Industry Muhammad Ahmed said that the budget has given relief to the industries and giving relief to the industries will reduce inflation, while small businesses with fixed taxes. Problems will be solved.

He said that the condition of identity card up to one lakh is welcome, this time a business friendly budget has been presented, while no new tax is welcome. Mohammad Ahmed said that it is good to give concessions on children’s imported goods. There is a move, while the budget speech seems to have given a lot of concessions.
The president of the Islamabad Chamber of Commerce and Industry (ICCI) has said that the direction of running the government’s business is clear.
A budget meeting of the National Assembly was held under the chairmanship of Speaker Asad Qaiser in which Prime Minister Imran Khan also participated. Federal Minister for Industries and Production Hamad Azhar presented a budget of Rs 71.30 trillion for the next financial year 2020-2021. Eleven percent less than the previous financial year.

Hamad Azhar said that the current account deficit has reduced by 73% during the current financial year, the PTI government has reduced the trade deficit by 31%, the trade deficit has been reduced by 21% in 9 months, the trade deficit is less than 21 billion. With 15 billion, FBR’s revenue increased by 15%.

The total volume of the budget has been kept at Rs. 71.30 trillion, the total revenue has been estimated at Rs. 63.14 trillion, the revenue from revenue has been estimated at Rs. 36.99 billion, development expenditure has been estimated at Rs. 70 billion in the budget.

Institutions were reformed, privatized where necessary, Pakistani products in the name of Made in Pakistan were introduced in the world markets, refunds of Rs. 254 billion were issued to the business community, pension system was reformed, 35 institutions It has been recommended to merge with other institutions, reforms have been made to restructure the management structure of Ehsas, 820,000 fake people have been removed from Ehsas program.

Steps taken to develop business and industry, Pakistan was put on the gray list in June 2018, Pakistan ranked 108th out of 190 countries in the Ease of Doing Index, the task force recommended reforms in the privatization of 43 enterprises 8 In the Easy Business Index, Pakistan improved from 136 to 108.

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