ISLAMABAD: The incumbent government, led by Pakistan Tehreek-e-Insaf (PTI), is all set to present its third budget for the fiscal year 2021-22 (FY22) in the parliament on June 11, amid the third wave of Covid-19.
The budget will be presented by Federal Minister for Finance and Revenue, Shaukat Tarin.
“The budget had been formulated while considering the impact of Covid-19 on the people and businesses of the country, hence mitigating people’s sufferings, transforming agriculture sector and bolstering businesses would be the main focus of the document,” sources said.
In addition to fiscal management, revenue mobilization, measures for economic stabilisation and growth, reduction in non-development expenditures; boosting exports besides job creation and people friendly policies for the socioeconomic prosperity of the country would feature in the budget.
It would also focus on social sector development besides introducing reforms for improving governance and boosting private sector investment.
On the revenue side, though no new taxes would be introduced, the government would introduce measures for bringing improvements in the system of tax collection, broadening the tax base, and facilitation to tax payers, sources said arguing that a strong revenue generation will play a crucial role in achieving the targets for economic growth.
The government is likely to set the revenue collection target at Rs5.8 trillion for the fiscal year 2021-22.
Sources said the preparations for the announcement of the federal budget for fiscal year 2020-21 continued in full swing in accordance with the prescribed timelines.
The budget was being prepared in close coordination between all departments and ministries involved in budget related events including the presentation of the budget in the Parliament and launching of the Economic Survey, they added.
Meanwhile, the pre-budget document presenting state of country’s economy, the Economic Survey of Pakistan is likely to be launched here on June 10.
The survey would highlight the overall performance of economy during the outgoing fiscal year, providing a realistic feedback and basis for future planning. It is scheduled to be shared with media at a press conference here during which an overview of the economic progress made in recent years in Pakistan would also be provided.
The survey would highlight the main features of the policies undertaken by the present government, which are focused on bringing macroeconomic stability and putting the economy on growth trajectory.
The survey would cover the development of all the important sectors of economy, including growth and investment, agriculture, manufacturing, mining, fiscal development, money and credit, capital markets, inflation, debt and liabilities.
The target for tax revenue collection of Rs4.7 trillion also looks to be achieved as the revenues reached Rs4.167 trillion during first 11 months of current fiscal year (11MFY21) therefore, the Federal Board of Revenue (FBR) needs to collect about Rs500 billion in the last month of outgoing fiscal year.