Govt to unveil federal budget tomorrow

Govt likely to set revenue target at Rs5.1tr for next fiscal year

ISLAMABAD: The Pakistan Tehreek-e-Insaf (PTI) government is all set to present its second federal budget for the fiscal year 2020-21 in the parliament tomorrow (Friday).

According to sources, the government is likely to set the revenue collection target at Rs5.1 trillion for FY21.

Sources also claimed that the government will not be introducing any new taxes, however, it will introduce measures for bringing improvements in the system of tax collection, broadening the tax base, and facilitation of taxpayers.

The budget comes at a time when the country is battling the Covid-19 virus and almost all economic indicators have been adversely affected by the pandemic. 

According to reports, the budget has been formulated considering the impact of Covid-19 on the economy and to give relief to the citizens.

In addition to fiscal management policies focusing on revenue mobilisation, measures for economic stabilisation and growth, reduction in non-development expenditures and an increase in exports will feature in the budget.

The federal budget is also expected to focus on social sector development besides introducing reforms to improve governance and boosting private sector investment.

Meanwhile, the pre-budget document, ‘Economic Survey of Pakistan’ was unveiled by Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh on Thursday. 

The survey highlighted the overall performance of the economy during the outgoing fiscal year and provided a basis for future planning.

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