Govt all set to present the Federal Budget 2020-21

The federal budget for the financial year 2020-2021 will be presented shortly in the National Assembly by Federal Minister of Industries and Production, Hammad Azhar.

The budget is expected to begin shortly as Prime Minister (PM) Imran Khan has arrived at the Parliament House to attend the budget session.

According to reports of Baaghi TV, the government will present a budget deficit of more than Rs 34 trillion. However, the total estimate of the federal budget for financial year 2020-2021 will be more than Rs. 88 trillion.

How much will salaries increase? Disclosed in Federal Budget

The budget proposals have been approved in a special meeting of the federal cabinet chaired by PM Imran Khan today. The cabinet meeting decided to increase the salaries of government employees, as per reports.

It should be noted that the budget for the next financial year 2020-2021 will be presented today, the volume of which is being kept at Rs 7600 billion, the target of tax revenue can be set at Rs 4950 billion. Sources said that the deficit is likely to be more than Rs 3427 billion, with interest and debt repayment estimated at Rs 3235 billion. Defense could cost Rs 1402 billion.

The federal budget is likely to spend Rs 475 billion on pensions, while a budget of Rs 495 billion could be set aside for federal ministries and departments. The federation can spend Rs 260 billion on subsidies. The federal government can release Rs 820 billion in grants, the federal development budget will be kept at Rs 650 billion.

Upcoming fiscal budget to be made people-friendly: Ali

The salaries of government employees are likely to be increased by 10 percent. The federal budget will be presented by Federal Minister for Industries and Production Hammad Azhar. This is the second federal budget of the PTI government.

Withholding tax is likely to be levied on foreign currency transactions, federal excise duty may be levied on e-cigarettes, it is proposed to increase the scope of advance income tax, it is proposed to increase the holding tax slab in electricity bills to 3. It is proposed to increase the holding tax on electricity bills from 33 to 66 thousand to 10 percent, and from more than 66 thousand electricity bills to 15 percent.