Minister of State for Revenue Hammad Azhar is presenting the budget from the floor of National Assembly.
The Minister addressing the seat of the speaker said that, “Billion Tree Tsunami and Clean and Green Pakistan initiatives launched, FATA and merged areas were put under special concentration and brought into the national streamline.”
Azhar added, “Civil and Military institutes have asked for no increase in the budget.”
“Only 50 percent of the companies registered under the SECP pay taxes,” revealed Azhar
“We are now at the stage were we take loans to pay off salaries and make the daily functions of institutes possible.”
Lauding the efforts of the Prime Minister and the Army Chief Azhar said, “I pay my respects to the Army Chief and the Chief of Armed Staff Qamar Javed Bajwa for their exemplary role in trying to curb the menace of economic instability.”
“The government has instituted a new initiative to help the needy and impoverished, ‘Ehsas Program’ and ‘Sehat Insaf’ cards are initiatives that will lessen the burden on the less fortunate.”
‘Rashan Card’ scheme has been introduced in the budget which will make the card holders eligible for ration around the year.
Funds have been released for the completion of development projects and more funds have been allocated to start new development projects all over Pakistan.
“The ‘Ehsaas program’ has been increased from RS5000 to Rs5500.”
The amount for children stipend has been increased from Rs750 to Rs1000 under the Prime Minister’s Youth Affairs initiative.
“Rs20 billion has been allotted for the land of Diamer Dam.”
“Rs80 billion has been suggested for the Energy sector and will be allocated soon enough.”
“Rs 43 billion has been fixed for the higher education.”
Prime Minister Imran Khan has given approval to the Rs100 billion worth ‘Kamyab Jawan Program’.
Foreign investors have been taken on board to look into the detrimental state of the Pakistan Steel Mills, Azhar elaborated.
We will be getting Rs.1 billion from mobile card taxation, revealed Azhar.
“An increase of 2.5pc tax imposed on 1000CC cars.”
Money laundering is a black mark opined Azhar and the country suffers internationally and nationally due to it, we are taking strict measures to the put a stop to the practice, new system will be launched to counter money laundering, said Azhar.
“Minimum wage will be increased to Rs. 17500.”
Parliamentary officials of the government taking to their leader, the Prime Minister have agreed to 10 percent deduction in their monthly incomes, announced Azhar.
“10pc increase in the salaries of grade 1 to 10 employees have been agreed upon in the fiscal year budget of 2019-20, whereas no increase is being made in the salaries for Grade 21 and 22 employees.”
“Prime Minister Imran Khan had directed his economic team in an earlier meeting to ensure minimum burden on the poor segment of the society.”
He also urged the officials to prepare a people-friendly budget, which also ensures the economic stability of the country.
As per sources, the budget is likely to focus on taxation measures, elimination of tax exemptions, curtailment of special treatments, fiscal management, revenue mobilisation, measures for economic stabilisation and growth, reduction in non-development expenditures; boosting exports besides providing relief to the masses, promoting investment for job creation and people friendly policies for the socio economic prosperity of the country.
It is worth recalling that Pakistan’s armed forces have decided to not to receive an increased share under defence budget as a ‘voluntary initiative’.
On Jan 23, former finance minister Asad Umar announced the government’s second mini-budget, which largely focuses on revenue-based measures to improve supply-side conditions for businesses and incentivise domestic reinvestment.
After unveiling the budget, Umar had said that the Supplementary Finance Bill (Second Amendment) 2019 also known as the government’s mini-budget was, in reality, ‘economic reforms bill’, which was aimed at promoting investment and giving support to the national economy.
In April last year, the former government of Pakistan Muslim League Nawaz (PML-N) presented the federal budget for the fiscal year 2018-19 with a total outlay of Rs 5.9 trillion.
The tax revenue target was Rs4.435 trillion while the GDP growth rate target was fixed at 6.2 per cent. Rs1.1 trillion was apportioned for defence sector.
Among other salient features of the previous federal budget, Rs688 million rupees were allocated for alleviation of poverty and the federal expenditure was set at Rs1010 billion whereas the provincial at Rs1030 billion.