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  1. #1
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    Pakistan Budget 2020 Discussion Thread

    Federal government in the process of developing the annual budget that will presented on June 12th. Some salient features so far:


    1. Budget layout would be around Rs 7,500b

    2. Due to worsening financial situation PSDP is further reduced to Rs 530b but around 200b will be allocated for Public Private Partnership projects

    3. Rs 1000b being allocated for direct relief of people effected through corona, possibly similar cash relief through Ehsaas program as seen in April.

    4. Taxes being reduced on food items and medicine.

    5. Big package for construction industry.

    6. Federal and province will coordinate layout of health budget.

    7. Luxury tax of Rs 1-2 lakhs on houses bigger than 2 kanals and farm houses bigger than 4 kanals (I love this, burger class will hate it)

    8. Defense budget to increase by 150-200b

    9. More details will emerge soon


  2. #2
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    KARACHI:
    The government is determined to announce a pro-people, pro-business and no-new-tax budget for the next fiscal year starting July 1.

    Rather, the FY21 budget would be a continuity of the current policies of facilitating the masses and businesses to win the war against the coronavirus pandemic, officials said.

    The Federal Board of Revenue (FBR) is being tasked to collect Rs5,100 billion in revenue, which will be around 30% higher than the estimated collection of Rs3,900 billion in the current fiscal year ending June 30.

    The government is expected to announce the budget – its estimated expenditure and revenue collection targets – for fiscal year 2020-21 in the second week of June.

    “The government’s prime focus is on providing relief for people and businesses rather than tax generation … till the disease comes under control. The budget will most probably be an effort to counter the negative impact of coronavirus on the economy,” FBR spokesperson Dr Hamid Ateeq said while talking to The Express Tribune.

    Prime Minister Imran Khan said that it would be a coronavirus relief budget and Finance Adviser Dr Abdul Hafeez Shaikh stressed that the government was trying to announce a tax-free budget, he said.

    The government may increase debt to provide relief for people and businesses, he said.

    “We are confident we can collect the targeted amount in taxes (Rs5,100 billion) if the economy continues to operate throughout the year (which is not the case at present under the partial lockdown),” he said.

    “We will review the impact of Covid-19 on the economy after three months and redefine the revenue collection target accordingly,” he said.

    Ministry of Finance former adviser Dr Khaqan Hassan Najeeb said the government was in need of higher revenues in order to spend more on healthcare in these testing times.

    He suggested that the targeted revenue could be collected by plugging tax leakages, curtailing expenditure on sectors other than healthcare, such as no increase in government employees’ salary this year and shifting focus to increasing the savings rate to finance the budget deficit rather than increasing borrowing.

    “We may lose around Rs800 billion in revenue collection in the last four months (March-June) of the current fiscal year 2020,” the FBR spokesperson said. However, the FBR is just Rs350-billion short of the revised collection target of Rs3,900 billion.

    The disease has made the situation uncertain and impacted tax collection. There are different scenarios one is optimistic that economic activities would get normalised soon and the pessimistic view is nothing would get fixed.

    “Businesses are continuously going out of our control as revenues from air, public transports, wedding halls and hotels (hospitality industry) have fallen next to nil,” he said.

    Restaurants have been reopened, but with limited function of takeaway only, he added.

    “There are so many sectors which remained closed and may not be reopened over the next three-four months.”

    Najeeb added that the upcoming budget can demonstrate a principled approach of resource generation through tax compliance; deficit reduction by curtailing expenditures; and finance the deficit by a shift to non-debt creating instruments.

    He said it is essential to implement a reform of making tax compliance simple, less document focused and digitised. He further said expenditures can be curtailed. Savings are possible in interest payments, operating expenses cutting untargeted subsidies and moving away from state funded pensions.

    He said shifting financing of budget to non-debt creating instruments, can restore the public’s flagging faith in the integrity of the policymakers to break the debt cycle.

    He emphasised that multi-rounds of monies for the vulnerable and businesses; and new growth supporting programmes succeeding survival strategy are needed to avoid a recession. Both fiscal and monetary policies working together can ease the pain on the people of Pakistan.

    https://tribune.com.pk/story/2229799...ople-business/


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  3. #3
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    The budget for financial year 2020-21 has good news for government employees who are expected to get a raise of 20 per cent in their basic salary despite numerous economic challenges and feeble economy in the wake of the coronavirus outbreak in the country, a private TV channel reported on Saturday.

    Advisor to Prime Minister on Finance Abdul Hafeez Sheikh will announce the budget on June 12 and will also announce an increase of 15 to 20 per cent in the pension of government employees. The salary raise would not apply to members of the federal cabinet, the channel reported.

    The federal government will present the federal budget for financial year 2020-21 before the National Assembly on June 12. Prime Minister Imran Khan has already granted the necessary approval in this regard.

    Officers of the Ministry of Finance (MoF) engaged in preparing the federal budget have been barred from leaving the federal capital to ensure that the budget-related work is completed on time.The government has decided to cut budgetary targets for the next fiscal year in view of the once-in-a-century pandemic’s adverse impact on the country’s fragile economy.

    It merits mentioning that the government has decided to hold a marathon session of the National Assembly from June 5 to meet the constitutional requirement of completing a 130-day parliamentary year. The government will present the federal budget for the financial year 2020-21 during the session. Babar Awan, Adviser to the Prime Minister on Parliamentary Affairs, said: “It will be a marathon session and perhaps the longest one in the country’s history.” The session will begin on June 5 and continue till Aug 13, he added.

    https://profit.pakistantoday.com.pk/...ovt-employees/


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  4. #4
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    No new taxes or explicitly major cuts but increased funding all round. That is almost too good to be true. What am I missing?

  5. #5
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    Quote Originally Posted by Thunderbolt14 View Post
    No new taxes or explicitly major cuts but increased funding all round. That is almost too good to be true. What am I missing?
    Ghost spendings.
    02 years in govt is enough time to identify and control ghost spendings.

    isi liyay to Mafia rota hay 24 hour.

  6. #6
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    Will the defence budget be affected?

    Name:  10d6d167-3327-4cdb-a6a5-81d20cb25752.jpg
Views: 525
Size:  35.1 KB


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  7. #7
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    People not to face new taxes in next FY budget: Hafeez Sheikh

    ISLAMABAD: The people fighting against coronavirus pandemic in the country would not have any new taxes in next fiscal year budget.

    These views were expressed by Advisor to Prime Minister on Finance Abdul Hafeez Sheikh, in an interview with a private news channel programs.

    He said there is no plan to introduce new taxes in the upcoming budget.


    He said the Pakistan Tehreek e Insaf (PTI), government was well aware of country's defense need and for this, all required funds would be provided to this sector.

    Commenting on power shortage, he said no shortfall in power generating sector was reported anywhere in the country.

    However, he claimed that we have sufficient amount of units of electricity to fulfill demand of the consumers.

    He said some 25000 MW electricity was being generated in the country while we have 15000 MW demand in Pakistan.

    Abdul Hafeez Sheikh said the government would curtail extra expenditures and steps would be taken for proper collection of taxes in the country.

    To a question about rising circular debt situation, he said we are bearing burden of Rs. 2 trillion circular debt.

    To another question, Advisor said Pakistan's economy would produce better results as soon as coronavirus situation is over in the country.

    Hafeez Sheikh said the virus pandemic had hit all most all the countries around the world and these developed nations were also passing through economic recession period.

    https://www.brecorder.com/news/10015...-hafeez-sheikh


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  8. #8
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    Luxury tax on houses is good, but instead of 2 kanals it should have been 1 kanal. Or based on property value. In Karachi even a 0.5 kanal house is worth a decent bit in a posh area.

  9. #9
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    Budget should focus on job creation: PM

    Prime Minister Imran Khan on Friday said the budget for the fiscal year 2020-21 should focus on creating employment opportunities for the youth.

    Chairing here a meeting to review budget proposals, the premier said the government’s priority was to stabilise the economy while focusing on job creation for the youth so as to counter the impact of the Covid-19 pandemic.

    “Every section of the society has been affected by the coronavirus outbreak. It has also affected the government’s efforts towards development,” he noted.


    The prime minister said keeping in view these stark realities, the first priority of the government was to promote those sectors which could create job opportunities for the youth and boost the economy.

    PM Imran also stressed the need for reducing non-development expenditure, especially a cut in unnecessary government expenditure.

    Adviser to PM on Finance Dr Abdul Hafeez Sheikh briefed the prime minister on the strategy for implementing the government’s priorities, keeping in view the status of revenue, expenditure and ground realities of the budget for next financial year.

    Considering the issue of subsidies granted to various sectors and the provision of financial assistance by the government, PM Imran said the subsidy given by the government was in fact tax money and it was important to utilise it properly.

    “It is vital that this money is used efficiently to achieve the desired goals.”

    The prime minister said the present economic situation demanded that the pace of reforms be accelerated so that unnecessary burden on the people could be minimised and relief be provided to them.

    The Annual Plan Coordination Committee (APCC) has recommended a Rs1.312-trillion National Development Budget for the fiscal year 2020-21 to the National Economic Council (NEC). Over Rs233 billion will be borrowed from foreign lenders to finance the country’s development needs in the next fiscal year.

    Budgetary allocations for the new fiscal year are lower by Rs292 billion as compared to the original allocation of Rs1.61 trillion for the outgoing fiscal year.

    However, in an official statement, the Ministry of Planning said under the special programme for improving the quality of life of common people, Rs100 billion had been proposed. “The total proposed outlay of the PSDP (Public Sector Development Programme) 2020-21 is Rs630 billion,” said the planning ministry. But this Rs100 billion is not officially part of the PSDP until the finance ministry increases the budget allocation and the prime minister approves it.

    The APCC proposed Rs536 billion for the PSDP, down Rs165 billion or 24% over the current year’s original budget.

    https://tribune.com.pk/story/2236302...b-creation-pm/


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  10. #10
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    ISLAMABAD: Amid decreasing non-debt creating dollar inflows in upcoming budget, Pakistan’s gross external financing requirement is expected to jump up from $25 billion in outgoing fiscal to at least $29.3 billion in next financial year 2020-21, it is learnt.

    The budget makers are worried in the aftermath of outbreak of coronavirus and its persistence in the country because it might result into decreased non- debt creating dollar inflows into Pakistan in next fiscal year such as foreign direct investment, fetching exports earnings and remittances so Islamabad will be forced to increase its reliance on foreign loans to meet its financing gap on external account.

    The decreased oil prices in international market is real bonanza for our economy but if it rebounded on higher side then the trade balance might further worsen and demand for dollar for bridging financing gap might further escalate. This is the potential risk identified by the budget makers, said the official sources.

    “The gross external financing needs might cross $30 billion mark in the next fiscal budget for 2020-21 against projected estimates of $25 billion in outgoing fiscal year” top official sources confirmed to The News here on Friday.

    The International Monetary Fund (IMF) has estimated that Islamabad’s gross financing needs will be standing at $29.3 billion in the next budget. The debt repayment on account of total external debt and liabilities is estimated to consume $13.8 billion in the coming budget 2020-21.

    The macroeconomic framework approved prepared by Planning Commission and approved by the Annual Plan Coordination Committee (APCC) envisages that the current account deficit is targeted at $4.4 billion for next fiscal year. The exports are targeted to fetch $22.7 billion in next fiscal year against initially envisaged pre COVID-19 target of $26.187 billion for outgoing fiscal year, indicating that the exports might decrease by $3.487 billion. The imports were targeted at $42.142 billion in the next budget against revised estimates of $41.9 billion for the outgoing fiscal year. The remittances are going to face major hit as the government expects to receive $21.5 billion remittances from Pakistanis living abroad in next fiscal year against initially envisaged target of $24.030 billion in outgoing fiscal year ending on June 30, 2020.

    The Ministry of Finance has estimated that the government will have to get foreign loans of $14 to $15 billion in the next budget while repayment of public debt is going to consume $11 billion. So net external borrowing will be standing around over $4 billion in the next budget.

    The IMF has estimated that the current account deficit would be hovering around $6.5 billion in the next budget but Ministry of Finance is pitching it at $5.5 billion on maximum side at the moment. The government also plans to launch Eurobond to generate $1.5 billion in the next fiscal year. The government also decided to rollover the commercial loans instead of seeking new one but all will depend upon the yawning budget deficit and its financing requirement for the current fiscal year.

    So far the Ministry of Finance has estimated that total debt servicing requirement would be standing at Rs3,150 billion for the next budget. One top official argued that the government managed T-bills for 6 months to one year instead of 3 months so the debt servicing requirement will go up these debt instruments got matured by next fiscal year. Although the discount rate had decreased but the debt servicing requirement is still on higher side size of loan portfolio increased manifold. The buffer created by the government within the SBP to the tune of over Rs1 trillion is also under severe criticism because it is ballooning debt servicing bill.

    https://www.geo.tv/latest/291734-bud...to-293-billion


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  11. #11
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    ISLAMABAD: With just a few days left in the government unveiling the budget 2020-21, authorities are weighing various options to give incentives to industries severely impacted by COVID-19 such as the hotel industry, airlines and the poultry sector.

    The government is all set to reduce turnover tax for different sectors of the economy. The government has slashed all heads of non-development expenditures such as procuring vehicles, petrol, filling of vacancies and defence budget was also curtailed by Rs50 billion than its initially envisaged demand.

    These exercises have created a cushion and the government has increased the development budget outlay at the federal level from Rs530 billion to Rs650 and to Rs700 billion for the next budget 2020-21.

    Without having a net revenue impact in the upcoming budget, the FBR will be assigned a tax collection target of Rs4.95 trillion during the next fiscal year 2020-21. “It will be a low inflationary budget,” said one of the participants of the budget-making exercise while talking to The News here on Sunday night.

    Official sources said that the government decided in principle that there would be no additional tax burden in the coming budget as some tax measures would be taken but overall there would be no net revenue measures. “It indicates that there will be net relief in the budget,” said the official.

    They said that the government would have to generate the desired revenue collection to the tune of Rs4.95 trillion in the next budget to align with the macroeconomic framework envisaged by the IMF for reviving Pakistan’s economy.

    “Pakistan cannot afford derailment of IMF programme so all such measures will be taken that can protect the existing Fund programme,” said the official.

    They were of the view that the tax incentives would be granted to COVID-19 hit sectors such as the hotel industry, airlines, poultry and retailers. The retailers for tier-1 tax is likely to be reduced, as efforts are underway to convince the IMF, said the sources. The cement sector is also under consideration for the provision of relief in the next budget.

    However, sources said that the government will have to strike a balance in order to generate tax revenues so that the FBR collection can reach its desired target of over Rs4.92 to Rs4.95 trillion in the next budget.

    The withdrawal of the zero-rating regime for five export-oriented sectors will not be reversed but such measures will be protected in the next budget. The official said that the tariff rationalisation will be done with the major objective to boost industrialisation in the next fiscal year.

    https://www.geo.tv/latest/292017-bud...19-hit-sectors


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  12. #12
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    ISLAMABAD: The Federal Board of Revenue (FBR) told the Special Committee of the National Assembly on Agricultural Products on Tuesday that the advance Federal Excise Duty (FED) on tobacco leaf will remain unchanged for the upcoming fiscal year 2020-21 at Rs10, reported The News.

    Considering the risk and tax burden of the advance FED being passed on to tobacco growers, the FBR discarded the proposal to increase advance FED from Rs10 to Rs500. The FBR submitted this information in a meeting chaired by the Speaker National Assembly Asad Qaiser who heads the Special Committee on Agricultural Products.

    The panel was informed that FBR consulted all the stakeholders on a proposal from the private sector for the fully adjustable tax to be increased from Rs10 to Rs500 to indirectly create more revenue for the government.

    However, after seeing all the evidence, and potential negative impacts on the farmers, the FBR decided that the current regime for advance FED on tobacco leaf will remain unaltered. Asad Qaiser recommended a proposal for additional taxes on cigarettes meant for supporting government financing amidst COIVD-19.

    Secondly, he said the FBR should increase tax on cigarettes and imported tobacco as Pakistan was a signatory to the WHO Framework Convention on Tobacco Control (FCTC). He recommended that FBR should strengthen its enforcement mechanism to prevent tax evasion and smuggling.

    He requested the FBR not to ignore subsistence farmers in stakeholders’ consultation processes. He said that good policy dictates to tax the end product in the value chain and for that matter, the burden of taxation should be shifted to the end consumer of cigarettes.

    The tobacco growers informed the panel that tobacco crop is the livelihood of more than 35,000 households and previous tax policies though intended for the industry badly dented the interest of the farmers through reduced competition and suppressed prices.

    https://www.geo.tv/latest/292394-bud...-fbr-tells-mps


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  13. #13
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    Budget 2020-21: Rs177.512 bn to be set aside for dams, hydropower projects

    ISLAMABAD: Federal government has planned to earmark Rs177.512 billion for dams and hydropower projects in the budget for next fiscal year as it aims to prioritize spending on water conservation projects in the country, ARY NEWS reported.

    According to budget recommendations, Rs 164 billion would be utilized for the projects from national exchequer while Rs13.50 billion would be arranged from foreign funding resources.

    It was recommended to set aside Rs 80 billion for construction of Dasu Hydro-power project at Indus River.

    The World Bank had also approved a loan for construction of the Dasu Hydropower project in 2017 and the project was delay after obstacles were created in acquiring land for the project.

    The government has also recommended to earmark Rs 21 billion for construction of Diamer-Bhasha Dam while Rs 14.7 billion were planned to be set aside for Neelum-Jhelum Hydropower project during the next fiscal year.

    Read More: Fortunate to be part of mega Diamer-Bhasha dam project: Faisal Vawda

    It is pertinent to mention here that the Water and Power Development Authority (Wapda) has already awarded the contract for civil and electro-mechanical works at Diamer-Bhasha Dam after directives from the Prime Minister Imran Khan.

    Moreover, it was also suggested to earmark Rs 5 billion for upgradation of power generation at Mangla Dam while Rs 8.90 billion funds would also be set aside for two expansion programmes at Tarbela Dam.

    Rs 7 billion would also be earmarked for Mohmand multi-purpose dam while Rs2 billion would be set aside for Kachhi Canal project in Balochistan for the next fiscal year.
    https://arynews.tv/en/fed-budget-dam...ower-projects/


    Mein inko rolaonga

  14. #14
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    All eyes are on the National Assembly where the government — grappled by the coronavirus crisis — is set to present the much-anticipated budget for the fiscal year 2021-2022 today.

    Minister for Industries Hammad Azhar is expected to present the budget — referred to as the ‘corona-budget’ by Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh. This year's budget session is being seen as a formality as both PPP and PML-N, the major opposition parties, have agreed not to press for voting on cut motions and not to point out quorum till the passage of the budget by June 30.

    The budget comes as the country tackles the ongoing health crisis caused by the outbreak of the novel coronavirus, which has shaken the economy. It was finalised after talks with the International Monetary Fund (IMF) and it was agreed that the federal government would freeze the size of its expenditures.

    Presenting the Economic Survey of Pakistan 2019-20 at a press conference on Thursday, Shaikh spent a large part of his speech building narrative around inheriting a troubled economy and putting it on road to recovery before the Covid-19 pandemic hit economies of the world and Pakistan.

    ARTICLE CONTINUES AFTER AD

    Dr Shaikh said it was still very difficult to quantify the accurate impact of Covid-19 on the economy, but there was no doubt that it had been really hit hard and different institutions were making different projections based on quantum, severity and duration of the pandemic.

    The adviser said the government had no intention to go for aggressive taxation but this did not mean that those who were rich would not be made to pay their due taxes.

    What's expected?
    Austerity and belt-tightening remain the focus of the upcoming budget for which every section and arm at the federal and provincial level would be required to contribute and sacrifice.

    With FY2021 finance bill, the government aims to give a strong message to the world that it is “fiscally responsible despite severe challenges” and will prudently utilise whatever fiscal space becomes available through international flows.

    The government and IMF have agreed on Federal Board of Revenue (FBR) revenue target of about Rs4.95 trillion for next year under which the defence allocations would be kept under Rs1.3 trillion. The federal development programme would go beyond Rs650 billion to support growth prospects.

    Besides a tight lid on civil expenditures, subsidies would be targeted and reduced, debt would be smartly structured and cash disbursements for relief and stimulus would be linked to the availability of fiscal space to rein runaway fiscal pressure. Fiscal deficit is being targeted around 9pc of the GDP.

    No fresh posts would be created during the year and utmost care would be taken in filling unavoidable posts. Generally, vacant posts for over six and nine months would be considered for abolition.

    Similarly, the posts and ministries of devolved subjects would be actually transferred to the provinces including higher education and major hospitals in major cities.

    SOPs in place
    In order to ensure that the social distancing policy to prevent the spread of Covid-19 pandemic is followed, the opposition and government have agreed that only a maximum of 86 members (one-fourth of the total 342-member house), 46 from the treasury and 40 from the opposition, will be present in the house at one time.

    The terms of the agreement, which were called guidelines for ensuring implementation of the standard operating procedures, were read out on the floor of the house by none other than by PPP’s Syed Naveed Qamar on the directive of Speaker Asad Qaiser at the outset of the sitting on Wednesday.

    According to the accord, the members and the staff of National Assembly Secretariat who have not got themselves tested for Covid-19 would not be allowed to enter the hall. The proceedings of the house will continue for maximum of three hours daily until June 30. The opposition will not point out quorum, except on the day the budget would be voted upon.

    Qamar further said that chief whips of the parties would be responsible for providing the lists of the attending members on a particular day and only those members would be allowed to come to the house whose names were present in the lists.

    Explaining further points, the PPP leader said there would be no need for the members to come to the assembly hall for attendance as they could mark their attendance at the main entrance, known as Gate No 1.

    The Jamiat Ulema-i-Islam-Fazl (JUI-F), however, not only rejected the agreement, terming it “unconstitutional and illegal”, its members also staged a sit-in in front of the dais of the speaker to protest removal of their chairs from the house as only 86 chairs were placed in the house after the agreement.

    https://www.dawn.com/news/1563012/go...d-virus-crisis


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  15. #15
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  16. #16
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    The Noora dogs constantly barking in the background


    Mein inko rolaonga

  17. #17
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    Quote Originally Posted by Syed1 View Post
    The Noora dogs constantly barking in the background
    Shows you the depths of their depravity. At least listen to the budget first before you criticise it. But no, they are going to act like the morons that they are. That’s one way of making yourself politically irrelevant.

  18. #18
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    Total budget layout is around 7,200b

  19. #19
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    This is what PMLN were talking about

    Last edited by MenInG; 12th June 2020 at 18:52.

  20. #20
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    Minster for Industries Hammad Azhar presented the federal budget for the fiscal year 2020 -21— referred to as the ‘corona-budget’ by Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh yesterday during a presser to unveil the economic survey for fiscal 2019-20.

    Among the major figures he revealed on the floor of the National Assembly, the Federal Board of Revenue (FBR) revenue target was kept at Rs4.95 trillion for next year while defence allocations amounted to around Rs1.3 trillion. The federal development programme was budgeted at Rs650 billion to support growth prospects.

    Prime Minister Imran Khan also attended the session. Azhar started the session by saying it was an honour for him to be presenting the second budget of the PTI government under the leadership of PM Imran.

    He then went on to highlight some of the major achievements of the government in the outgoing fiscal year, pointing to a 73 per cent decline in the current account deficit, which is now under $3 billion, he said. "There is also a primary surplus which we achieved in the past nine months," he said.

    Opposition held placards and chanted slogans against the PTI govt as the budget was being presented. — Amir Wasim
    In the background of Azhar's speech, loud slogans against the premier and table-thumping by the opposition benches could be heard as the minister highlighted PTI-led government's efforts to streamline the economy. Later, the opposition walked out of the House in protest.

    Azhar said "our budget deficit shrank from 5pc to 3.8pc while IMF gave us an extended facility of Rs6 billion and remmittances increased from 16 to 17 billion". He noted that Bloomberg had called PSX the top performing market in Dec 2019.

    Presenting details of the new budget, the minister emphasised that "no new tax was introduced in this budget". He said the need of the hour was an expansionary fiscal policy which the government was implementing.

    Total expenditure

    He said the total size of the budget or the total expenditure budget for the next year was Rs7,136 billion slightly higher than the budgeted figure for the previous year.

    Current expenditure
    Of this total, current expenditure for the next fiscal was budgeted at Rs6,345 billion, higher than the Rs6,193 budgeted last year, Azhar said. Of this, Defence Affairs make up Rs1,289 billion, with interest payments making up Rs2,946 billion.

    PSDP

    Hammad Azhar revealed that the total expenditure for public sector development projects (PSDP) for the next fiscal year had been budgeted at Rs1,324 billion, of which federal PSDP had been budgeted at Rs650 billion and and Rs676 billion had been allocated to provinces.

    Fiscal deficit
    The fiscal deficit, he said, would be 7pc of the GDP and has been budgeted at Rs3,195 billion for FY2021. The minister lamented that the deficit had been increased manifold during regimes of the previous governments but said this government will try to keep it in check.

    Growth rate

    Azhar said the government will pull out the economy from a 0.4pc contraction and is aiming for a 2.1pc growth in GDP for fiscal year 2021.

    Total revenue

    Total revenue, he said is budgeted at Rs6,573 billion, of which net federal revenue will be Rs3,700 billion.

    FBR tax revenue

    Azhar went on to reveal that of this total revenue, Federal Board of Revenue (FBR) tax collection has been budgeted at Rs4,963 billion, which is lower than the original budgeted amount of Rs5,555 in last year's budget. The minister stressed during his speech that the government wants this to be a relief budget due to the crises brought on by the pandemic and the government is imposing no new taxes for the new year.

    This year's budget session is being seen as a formality as both PPP and PML-N, the major opposition parties, have agreed not to press for voting on cut motions and not to point out quorum till the passage of the budget by June 30.

    'Corona budget'

    The budget comes as the country tackles the ongoing health crisis caused by the outbreak of the novel coronavirus, which has shaken the economy. It was finalised after talks with the International Monetary Fund (IMF) and it was agreed that the federal government would freeze the size of its expenditures.

    Presenting the Economic Survey of Pakistan 2019-20 at a press conference on Thursday, Shaikh spent a large part of his speech building narrative around inheriting a troubled economy and putting it on road to recovery before the Covid-19 pandemic hit economies of the world and Pakistan.

    Dr Shaikh said it was still very difficult to quantify the accurate impact of Covid-19 on the economy, but there was no doubt that it had been really hit hard and different institutions were making different projections based on quantum, severity and duration of the pandemic.

    The adviser said the government had no intention to go for aggressive taxation but this did not mean that those who were rich would not be made to pay their due taxes.

    What's expected?

    Austerity and belt-tightening remain the focus of the upcoming budget for which every section and arm at the federal and provincial level would be required to contribute and sacrifice.

    With FY2021 finance bill, the government aims to give a strong message to the world that it is “fiscally responsible despite severe challenges” and will prudently utilise whatever fiscal space becomes available through international flows.

    Besides a tight lid on civil expenditures, subsidies would be targeted and reduced, debt would be smartly structured and cash disbursements for relief and stimulus would be linked to the availability of fiscal space to rein runaway fiscal pressure. Fiscal deficit is being targeted around 9pc of the GDP.

    No fresh posts would be created during the year and utmost care would be taken in filling unavoidable posts. Generally, vacant posts for over six and nine months would be considered for abolition.

    Similarly, the posts and ministries of devolved subjects would be actually transferred to the provinces including higher education and major hospitals in major cities.

    SOPs in place

    In order to ensure that the social distancing policy to prevent the spread of Covid-19 pandemic is followed, the opposition and government have agreed that only a maximum of 86 members (one-fourth of the total 342-member house), 46 from the treasury and 40 from the opposition, will be present in the house at one time.

    The terms of the agreement, which were called guidelines for ensuring implementation of the standard operating procedures, were read out on the floor of the house by none other than by PPP’s Syed Naveed Qamar on the directive of Speaker Asad Qaiser at the outset of the sitting on Wednesday.

    According to the accord, the members and the staff of National Assembly Secretariat who have not got themselves tested for Covid-19 would not be allowed to enter the hall. The proceedings of the house will continue for maximum of three hours daily until June 30. The opposition will not point out quorum, except on the day the budget would be voted upon.

    Qamar further said that chief whips of the parties would be responsible for providing the lists of the attending members on a particular day and only those members would be allowed to come to the house whose names were present in the lists.

    Explaining further points, the PPP leader said there would be no need for the members to come to the assembly hall for attendance as they could mark their attendance at the main entrance, known as Gate No 1.

    The Jamiat Ulema-i-Islam-Fazl (JUI-F), however, not only rejected the agreement, terming it “unconstitutional and illegal”, its members also staged a sit-in in front of the dais of the speaker to protest removal of their chairs from the house as only 86 chairs were placed in the house after the agreement.

    https://www.dawn.com/news/1563012/no...-during-speech


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  21. #21
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    We need to get the budget deficit below 2.5% ASAP but it will be difficult in the current climate, we need to either privatise the loss making industries or close them down, the PSM was a start. We need to get the green economy working, especially using the tree plantation to develop industry's such sustainable forestry, we need to go big on solar panels- make them, incentivise use and maintenance will create millions of jobs. It will also take the country away from the clutches of the mafia because we are paying a fortune to IPPs, who have bled the country dry. We need to get our textile industry back, not produce expensive sugar to keep the mafia in business but grow cotton for our textile Mills. This will also help with water preservation.

  22. #22
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    Quote Originally Posted by Bewal Express View Post
    We need to get the budget deficit below 2.5% ASAP but it will be difficult in the current climate, we need to either privatise the loss making industries or close them down, the PSM was a start. We need to get the green economy working, especially using the tree plantation to develop industry's such sustainable forestry, we need to go big on solar panels- make them, incentivise use and maintenance will create millions of jobs. It will also take the country away from the clutches of the mafia because we are paying a fortune to IPPs, who have bled the country dry. We need to get our textile industry back, not produce expensive sugar to keep the mafia in business but grow cotton for our textile Mills. This will also help with water preservation.
    Primary budget was in surplus at 0.4% of GDP in FY20 despite target of -0.6%. For FY21 government is again targeting a primary budget of -0.7% to fund immediate needs due to corona and also to take up back in positive territory in terms of GDP growth.


    Mein inko rolaonga

  23. #23
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    Also primary budget was in surplus after 20 years.


    Mein inko rolaonga

  24. #24
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    Salient features of custom duty, regulatory duty measures


    ISLAMABAD: Following are the salient features of custom duty and regulatory duty measures proposed by the government for FY 2020-21.

    Exemption of additional custom duties on those tariff lines which are now at 0% customs duty in tariff.

    Reduction of custom duty on 40 raw materials of various industries.

    Tariff rationalization under National Tariff Policy 2019, by reducing customs duty on 90 tariff lines from 11% to 3% and 0%.

    Allowing the exemption on import of raw material to those Nashiran-e-Quran also who do not have their own in-house printing facility.

    Reduction in regulatory duty from 12.5% and17.5% to 6% and11%, respectively on Hot Rolled Coils (HRC) of Iron and steel falling under PCT codes 7208, 7225 and 7226, respectively.

    On the request of various local industries, a number of their inputs/intermediary raw materials are being allowed concessional import under new serial number of the fifth schedule through IOCO quota determination.

    Exemption of custom duties on import of raw materials by manufacturers of Butyl Acetate.

    Exemption of custom duty on import of raw material by anufacturer of syringes and saline infusion sets.

    Exemption of customs duties on import of raw material by manufacturers of buttons.

    Reduction in custom duty on import of raw material by manufacturers of interlining/buckram.

    Reduction of custom duty and exemption of additional custom duty and regulatory duty on import of raw materials by manufacturers of Wire rod.

    Exemption of custom duties and regulatory duty on import of machinery, equipment and other project related items for setting up of internet cable landing stations.

    Exemption of custom duties on import of raw material by beverage can manufacturers.

    Reduction in Custom duty and exemption from Additional custom duty on import of raw material by food packaging industry.

    Exemption from custom duties on import of 61 COVID19 related items, which was due to expire on June 20 has been extended due to the continuation of pandemic.

    Exemption from 2% ACD on import of edible oils and oil seeds under PM’s COVID19 Relief Package has been extended.

    Exemption of duties and taxes on import of Dietetic Foods for Children with inherited metabolic disorders.

    Exemption of all duties and taxes on import of Diagnostic Kits for Cancer and coronavirus.

    Exemption of Customs duties on inputs of ready to use Supplementary Foods (RUSF).

    Exemption of Customs duties on import of life saving drug Meglumine Antimonite for treatment of leishmaniasis.

    Extension up to 2023, in exemption of customs duties on imports for setting up new industries in erstwhile FATA area.

    Reduction in regulatory duty on smuggling prone items to bring these items under legal imports.

    Regulatory duty on several industrial inputs is also being reduced to decrease their cost of doing business

    Tariff protection for domestic industry by increasing/levy of regulatory duty on import of those items which are also locally manufactured.

    Incentivizing soap manufacturing industry by reducing rate of Additional customs duty on Palm tearin.

    Enhancing scope of concessions available to Special Economic Zones.

    https://www.brecorder.com/live


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  25. #25
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    https://www.brecorder.com/live

    Federal Excise Duty:

    Increase in the rate of FED on cigars, cheroots, and cigarillos and cigarettes from 65% to 100% of retail price - Increase in the rate of FED on filter rods from Rs 0.75 to Rs 1 per filter rod

    Levy of FED on e-liquids of electric cigarettes at Rs 10 per ml

    Levy of FED on caffeinated energy drinks at 25%

    Levy of FED at 7.5% ad valorem in case of locally manufactured double cabin (4x4) pick-up vehicles and at 25% in the case of imported ones

    In the wake of worsening affect of COVID-19 and reduction in production of cement, it has been proposed to reduce FED on cement from Rs. 2 per kg to Rs. 1.75 per kg.

    Concept of conducting audit proceedings through electronic means introduced

    To strengthen the Alternate Dispute Resolution process and to make it more taxpayer-friendly, it is proposed that the taxpayer is allowed to withdraw his case from any court of law or any appellate authority after decision of ADRC.

    Furthermore, the decision of ADRC, once it is conveyed by the taxpayer to the tax authorities, is binding upon the tax authorities.

    Amendment in Section 33 of FED Act 2005 is proposed to bar the Commissioner (Appeals) from accepting any evidence not presented before assessing officer.

    Power of tax authorities to modify orders, etc. pending adjudication in the light of question of law decided by higher courts regardless of appeal against the same is proposed in FE Act.

    Board is empowered to fix minimum production on the basis of single or more inputs and for fixation of wastage.

    The scope of seizure of non-duty paid goods is extended to all products subject to FED besides cigarettes and beverages.


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  26. #26
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    I am a gov servant and i am perfectly fine with NO increase in salary.

    InshAllah salaries will be increased next year. Right now there are other major issues which this country needs to tackle.

  27. #27
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    Sick of jaahils who are making out propaganda of edu vs defense budget.

  28. #28
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    Quote Originally Posted by Hermoine Green View Post
    Sick of jaahils who are making out propaganda of edu vs defense budget.
    Kasam se... its been 10 years since 18th Amendment and every budget there is the same discussion. Jahil people don't realize that this tiny health and education budget is just for Islamabad and other projects of the federal government and each provincial government has their own budget for health and education.


    Mein inko rolaonga

  29. #29
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    Quote Originally Posted by Hermoine Green View Post
    I am a gov servant and i am perfectly fine with NO increase in salary.

    InshAllah salaries will be increased next year. Right now there are other major issues which this country needs to tackle.
    That's very gracious of you sir. We need more selfless people like you.


    Mein inko rolaonga

  30. #30
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    SLAMABAD (Reuters) - Pakistan on Friday announced its annual budget for financial year 2020-21, setting ambitious targets of 2.1% GDP growth, a 7% fiscal deficit and an increase in tax revenues, even as it reels from a surge in novel coronavirus cases.

    The GDP target is much higher than a recent World Bank projection that Pakistan will have another year of negative growth at -0.2%, while the fiscal deficit is much lower than the 9.4% it is expected to hit in the current year.

    Economic analysts termed the targets unrealistic, forecasting that the government will need to introduce a mid-year supplementary budget given the economic disruptions caused by the pandemic.

    “It looks unlikely that they will meet the fiscal deficit target,” said Saad Hashemy, Executive Director at BMA Capital.

    Total expenditure for the next fiscal year will be 7.136 trillion Pakistani rupees ($43.45 billion), said Minister for Industries and Production Hammad Azhar as he introduced the budget in a rowdy session of parliament.

    Only 25% of members were in attendance in an attempt to ensure social distancing.

    “Corona is a flu!” shouted one opposition member, taking a jibe at Prime Minister Imran Khan, who in his initial response to COVID-19 had played down the respiratory disease.

    Pakistan has struggled to contain the virus and the World Health Organization has warned that the acceleration of infections could overwhelm the under-funded healthcare system.

    Official statistics showed a record 6,397 new cases and 107 deaths on Thursday, taking the tally to 125,933 cases and 2,463 fatalities.

    Azhar said in his speech that the outbreak has caused Pakistan’s nearly $300 billion economy a loss of 3.3 trillion Pakistani rupees ($20.09 billion).

    “The long lockdown, a countrywide shutdown of business, travel restrictions and social distancing have diminished economic activities, which have had a negative impact on growth rate and investment,” Azhar added.

    On the expenditure side, debt servicing will take up 2.946 trillion Pakistani rupees ($17.94 billion) - 41% of the country’s spending.

    The next largest spending head, 18% of expenditures, will be on defence, for which 1.29 trillion Pakistani rupees ($7.85 billion) have been allocated. Defence spending is up 12% from last year’s allocation despite Pakistan’s financial crunch.

    Little is left to spend in other areas, and even the current expenditure of running the government requires local and international borrowing.

    Pakistan plans to collect 4.96 trillion Pakistani rupees ($30.22 billion) in tax through its revenue board - which is around a trillion rupees, or 25%, more than the last year’s collection.

    “We believe the tax collection target looks highly over optimistic in prevailing economic conditions,” said analyst Mohammed Sohail of Topline Securities.

    To plug the spending and revenue gap, Pakistan will look to access $2.2 trillion Pakistani rupees ($13.5 billion) in gross external finances, including loans, aid and grants - much of which will be used for repayment of outstanding external credit.

    Pakistan last year entered a three-year, $6 billion IMF bailout programme.

    https://www.reuters.com/article/us-p...-idUSKBN23J219


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  31. #31
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    Government servants are protesting the no increase in salary. Perhaps they should be replaced by the all in one Corona Tigers force who are not only equipped to beat the pandemic, they are also battling locusts, climate change and will soon go to India and conquer Kashmir.

  32. #32
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    ISLAMABAD: Taking advantage of the rare presence of Prime Minister Imran Khan, nearly three dozen opposition members who attended the National Assembly sitting as per understanding with the government on Friday lodged a noisy protest during the budget speech of federal Minister for Industries Hammad Azhar, and later staged a walkout without creating much difficulties for the treasury benches.

    Holding placards inscribed with anti-government slogans, the opposition members belonging to the Pakistan Muslim League-Nawaz (PML-N), Pakistan Peoples Party (PPP) and the Muttahida Majlis-i-Amal (MMA) walked out of the assembly hall in the middle of the minister’s speech after raising slogans for nearly an hour.

    Unlike the past, the opposition members mostly remained on their seats and did not march towards the treasury benches or besiege the minister. When a couple of opposition members once attempted to go towards the treasury benches, Speaker Asad Qaiser warned them and told them to go back to their seats which they did.

    At one point, the visibly agitated speaker asked the opposition members not to raise “inappropriate slogans” which could bring disrespect to the parliament and the legislators.

    The opposition members, however, successfully foiled the government’s strategy to black out their protest by state-run Pakistan Television (PTV) having exclusive rights to show live parliamentary proceedings by constantly sending video clips from inside the hall to the reporters which were telecast by most of the private news channels in a separate window with the minister delivering the speech.

    PML-N’s parliamentary leader Khawaja Asif led his party in the absence of Opposition Leader Shahbaz Sharif and many other frontline leaders of his party who have been suffering from coronavirus whereas former prime minister Raja Pervez was seen spearheading his party members in the absence of party chairman Bilawal Bhutto-Zardari, who preferred not to attend the sitting despite being present in Islamabad, and the ailing former president Asif Zardari.

    Besides Mr Sharif, the prominent opposition members who could not attend the sitting after getting tested positive for Covid-19 were former prime minister Shahid Khaqan Abbasi, former NA speaker Ayaz Sadiq, ex-ministers Ahsan Iqbal and Marriyum Aurangzeb.

    During the protest, the opposition members raised slogans like “Cheeni Chor, Aata Chor, Petrol Chor” (sugar thieves, flour thieves and petrol thieves), “No to Privatisation of Steel Mills” and “Dhandli-zada Hukoomat Namanzoor (rigged government unacceptable). Some opposition members were carrying placards inscribed with promises that had been made by the ruling Pakistan Tehreek-i-Insaf (PTI) regarding provision of 10 million jobs and construction of five million houses.

    Though the PML-N and the PPP protested in the assembly during the budget speech, the two parties had already provided a walkover to the PTI government during the ongoing budget session by agreeing that their members would not press for voting on cut motions and would not point out quorum till the passage of the budget by June 30.

    In a meeting of the parliamentary leaders with the NA speaker last week, the opposition parties had also agreed that only a maximum of 86 members (one-fourth of the total 342-member house) — 46 from the treasury and 40 from the opposition — will be present in the house at one time to ensure that social distancing policy is followed amid Covid-19 pandemic.

    The Jamiat Ulema-i-Islam-Fazl, the other smaller opposition party, however, had rejected the agreement and announced that all of its members would participate in the budget session.

    Reaction over budget

    The opposition parties in their immediate reaction to the second full-fledged federal budget presented by the present PTI government termed it “anti-public” and even “anti-Pakistan”.

    In a statement, Opposition Leader and PML-N president Shahbaz Sharif called it “the most anti-public budget in the history of the country”, stating that this budget would lead to more inflation and unemployment.

    Mr Sharif alleged that the government had tried hard to hide its incompetence by blaming the previous government and the new coronavirus. “Inflation, unemployment and degradation of businesses have broken all records under this government and this budget is a recipe for disaster, as it will further worsen the economic state of the country,” he said.

    He said the Rs1.7 trillion billion tax deficit was the hallmark of this government’s performance. For the first time in 68 years, the country’s GDP was in negative territory after inheriting 5.8 GDP from the PML-N government, he added.

    “This is the first government that has missed all targets of tax revenue, government expenditure, fiscal deficit and GDP,” he said, and added that hiding behind the coronavirus was not going to do any good.

    On IMF pressure, it was absolutely brutal not to increase salaries and pensions, said the opposition leader. He regretted how the government froze CPEC in its tracks, ignored Balochistan and slashed the development budget drastically.

    He also warned the people that they must get ready for a series of mini-budgets in coming months.

    “The government blames coronavirus for the downturn fall whereas it was falling 25 per cent behind its target in February before coronavirus,” he added.

    PPP Chairman Bilawal Bhutto-Zardari said his party “totally rejected” this budget, saying the budget had not given any importance to the crises caused by the coronavirus along with locust attacks and the looming threat of food security. The provinces had not been given any support in the budget for handling of Covid-19, he said.

    In her response to the budget, PPP parliamentary leader in the Senate Sherry Rehman said this was not a national budget for a country facing a crisis, saying that “it is not only anti-people, but anti-Pakistan budget”.

    “This is not even a national budget. It’s a rolling accounting exercise led by the IMF. In four months, they will be rolling the numbers again while firing people from jobs,” she warned.

    Sadly, she said, like this government, it was a set of failures that Covid-19 had masked; Pakistan’s public finances were in free fall even before the virus outbreak in the country, Pakistan’s economy was struggling to stay afloat with high interest rates, massive devaluations, crony capital sweet subsidies and falling exports.

    Revenue, which likes at the heart of every economy, never met their own targets, with one FBR head after another going through revolving doors. “The costs of maintaining such a government will be felt by many future generations of Pakistanis and the damage they are doing, or done before Covid-19 is incalculable,” she added.

    https://www.dawn.com/news/1563186/mi...-protest-in-na


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  33. #33
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    Quote Originally Posted by MenInG View Post
    SLAMABAD (Reuters) - Pakistan on Friday announced its annual budget for financial year 2020-21, setting ambitious targets of 2.1% GDP growth, a 7% fiscal deficit and an increase in tax revenues, even as it reels from a surge in novel coronavirus cases.

    The GDP target is much higher than a recent World Bank projection that Pakistan will have another year of negative growth at -0.2%, while the fiscal deficit is much lower than the 9.4% it is expected to hit in the current year.

    Economic analysts termed the targets unrealistic, forecasting that the government will need to introduce a mid-year supplementary budget given the economic disruptions caused by the pandemic.

    “It looks unlikely that they will meet the fiscal deficit target,” said Saad Hashemy, Executive Director at BMA Capital.

    Total expenditure for the next fiscal year will be 7.136 trillion Pakistani rupees ($43.45 billion), said Minister for Industries and Production Hammad Azhar as he introduced the budget in a rowdy session of parliament.

    Only 25% of members were in attendance in an attempt to ensure social distancing.

    “Corona is a flu!” shouted one opposition member, taking a jibe at Prime Minister Imran Khan, who in his initial response to COVID-19 had played down the respiratory disease.

    Pakistan has struggled to contain the virus and the World Health Organization has warned that the acceleration of infections could overwhelm the under-funded healthcare system.

    Official statistics showed a record 6,397 new cases and 107 deaths on Thursday, taking the tally to 125,933 cases and 2,463 fatalities.

    Azhar said in his speech that the outbreak has caused Pakistan’s nearly $300 billion economy a loss of 3.3 trillion Pakistani rupees ($20.09 billion).

    “The long lockdown, a countrywide shutdown of business, travel restrictions and social distancing have diminished economic activities, which have had a negative impact on growth rate and investment,” Azhar added.

    On the expenditure side, debt servicing will take up 2.946 trillion Pakistani rupees ($17.94 billion) - 41% of the country’s spending.

    The next largest spending head, 18% of expenditures, will be on defence, for which 1.29 trillion Pakistani rupees ($7.85 billion) have been allocated. Defence spending is up 12% from last year’s allocation despite Pakistan’s financial crunch.

    Little is left to spend in other areas, and even the current expenditure of running the government requires local and international borrowing.

    Pakistan plans to collect 4.96 trillion Pakistani rupees ($30.22 billion) in tax through its revenue board - which is around a trillion rupees, or 25%, more than the last year’s collection.

    “We believe the tax collection target looks highly over optimistic in prevailing economic conditions,” said analyst Mohammed Sohail of Topline Securities.

    To plug the spending and revenue gap, Pakistan will look to access $2.2 trillion Pakistani rupees ($13.5 billion) in gross external finances, including loans, aid and grants - much of which will be used for repayment of outstanding external credit.

    Pakistan last year entered a three-year, $6 billion IMF bailout programme.

    https://www.reuters.com/article/us-p...-idUSKBN23J219
    The most worrying thing is the 7 per cent deficit and 41 per cent revenue going to debt servicing.

  34. #34
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    Quote Originally Posted by Mamoon View Post
    Government servants are protesting the no increase in salary. Perhaps they should be replaced by the all in one Corona Tigers force who are not only equipped to beat the pandemic, they are also battling locusts, climate change and will soon go to India and conquer Kashmir.
    A moratorium on salary increase in times of a recession is to be expected. I don't know if tax slabs have been increased but this is a hard and necessary decision.

  35. #35
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    Quote Originally Posted by cricketjoshila View Post
    A moratorium on salary increase in times of a recession is to be expected. I don't know if tax slabs have been increased but this is a hard and necessary decision.
    Funny how the recession doesnít impact the defense budget.

  36. #36
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    Quote Originally Posted by Mamoon View Post
    Funny how the recession doesn’t impact the defense budget.
    When a fascist across the border is desperate to attack you at all costs especially after the Chinese humiliated him, you should be spending more not less.

  37. #37
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    Quote Originally Posted by Hermoine Green View Post
    I am a gov servant and i am perfectly fine with NO increase in salary.

    InshAllah salaries will be increased next year. Right now there are other major issues which this country needs to tackle.
    IA you patriotic sacrifices are repaid. We just need more people like you.

  38. #38
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    Government presented budget keeping in mind current situation: Hafeez Shaikh

    ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Abdul Hafeez Shaikh on Saturday said the budget presented by the federal government was made keeping in mind the coronavirus situation in the country and to help the people during the crisis.

    “The first nine months, we had a lot of success. In 2018, the national debt was Rs30,000 billion and during the first two months, we spent returning the loans we had,” Shaikh said while addressing the post-budget conference on Saturday.

    “We paid Rs2,700 billion towards debt retirement. This was done despite our total resources for provinces standing at Rs2,000 billion,” he said.


    He added that the government decreased its expenditure and did not undertake any new borrowing.

    “The government also had a series of firsts, such as no borrowing from the State Bank of Pakistan, decreased imports and an increase in foreign investment of nearly 137% in the country,” he added.

    The adviser added that the government did not borrow a single penny from SBP, no supplementary grant was given to any department, and current account deficit was reduced from $20 billion to $3 billion.

    “But in between this the coronavirus came and affected our economy. We have suffered a loss of Rs700 billion in revenue due to the coronavirus outbreak,” Hafeez said.

    He added, “Coronavirus has affected the entire world. It is not an excuse, but it is a reality and thousands have been affected. Even the IMF has said countries would be affected by it; naturally it has taken a toll on our economy as well.

    ”The estimated loss to the GDP due to the coronavirus is Rs3 trillion, the adviser said.

    Speaking about tax collection, Shaikh said if the Federal Bureau of Revenue (FBR) had continued with its tax collection activities till the end of the year, they would have gathered Rs4,000 to 4,500 billion.

    “We now have Rs3,900 billion. No one could have stopped coronavirus and because of that, businesses were shut down and there has been a loss of employment.”

    “To deal with the pandemic situation in the country, a Rs1,200 billion package was announced by the government. [A significant chunk] has already been disbursed under the programme to help the needy in the country,” he remarked.

    “It has reached 10 million Pakistanis. The public saw us distributing cash and giving the aid without any discrimination.”

    Moreover, he added, Rs280 billion wheat was brought so that farmers could receive money.

    “Government also said it would pay bills of commercial enterprises and small businesses for three months to aid in their recovery. Rs50 billion was given to the agriculture sector to lessen the fertilizer costs.”

    “More than 6,000 business enterprises took benefit and relief was given to consumers for their electric bills. The government did all this when it did not have money,” he said.

    “Despite the decline in prices of oil, diesel etc. worldwide, we did not raise taxes or keep the portion of the profits made but made sure it trickled down to masses,” he said, adding that the government had nine months of stability in the year and the virus was dealt with a good package.

    The adviser added that moving forward, the government’s biggest concern was the repayment of the remaining Rs2,900 billion in loans.

    “To do any reduction in this is out of our hands,” Shaikh said. “To give back Rs3,000 billion we have lessened government expenditure and took difficult austere measures.”

    “We want to take fewer taxes but if we have to repay Rs3000 billion we have to make cuts,” he said. Shaikh added the development outlay has been set at Rs650 billion rupees while allocations for Ehsaas Program have been enhanced to protect the vulnerable segments of the society.

    “We are not taking loans under this government to splurge,’ he said. “We are taking to repay our loans. Our international responsibilities have to be dispensed and despite all of this we imposed no new taxes.”

    “The budget for next fiscal year is focused on coping with the impacts of COVID-19 and provide relief to the masses. The basic pillar of the budget is that no new tax has been imposed in it, rather concessions worth Rs40 to Rs50 billion have been given in taxes and duties to support industrial sector and create job opportunities.”

    Giving a breakup of the relief given in taxes, the adviser said regulatory duty on 1,623 tariff lines of raw materials were being done away while on others including those related to engineering sector were also being reduced.

    Shaikh added that ten different types of withholding tax was also being abolished.

    “Massive relief has also been given to different sectors especially the construction. The Capital Gains Tax is being halved whilst the federal excise duty on cement has also been cut,” he said.

    Shaikh added that the sales tax for the retailers opting to link themselves with the FBR was being reduced to 12%. “The duty on the hospitality sector is being reduced from 1.5% to 0.5% and taxes and duties were being abolished on coronavirus and cancer testing kits,” he added.

    https://www.geo.tv/latest/292931-gov...-hafeez-shaikh


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  39. #39
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    Quote Originally Posted by Bewal Express View Post
    When a fascist across the border is desperate to attack you at all costs especially after the Chinese humiliated him, you should be spending more not less.
    Chinese have done partial de escalation. Get your facts right.

    And pak army have sold this narrative for decades.

  40. #40
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    Quote Originally Posted by cricketjoshila View Post
    Chinese have done partial de escalation. Get your facts right.

    And pak army have sold this narrative for decades.
    Yes after showing you who is boss. Maybe you should have gone to the border and taken on the Chinese, something your army failed to do.

  41. #41
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    Really wish we didn't have India as a neighbor so that we didn't have to prioritize defense so much


  42. #42
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    Quote Originally Posted by Syed1 View Post
    Really wish we didn't have India as a neighbor so that we didn't have to prioritize defense so much

    It works both ways.

    Also india wasnít responsible for the 70s and 80s soviet war in Afghan neither the 2000ís war on terror. In fact despite leaning a little towards USSR India didnít want anything to do with the Afghan invasion. Thatís how responsible countries work.

    Sure, Pakistan feels India is a hostile neighbor to spend a lot of money of defense but you must be living under a rock if you think India is the sole reason for Pak spending too much money on defense.

    Also may be you need to go back and check to see if these perks are actually going to the soldiers fighting at the ground level or to buy top of the line equipment or it goes towards payment of a summer cabin in the south of France or an apartment in Manhattan for the generail Saabís family

  43. #43
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    Thread is about Pakistan budget.

    Keep India v Pak off it.


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  44. #44
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    Quote Originally Posted by Local.Dada View Post
    It works both ways.

    Also india wasnít responsible for the 70s and 80s soviet war in Afghan neither the 2000ís war on terror. In fact despite leaning a little towards USSR India didnít want anything to do with the Afghan invasion. Thatís how responsible countries work.

    Sure, Pakistan feels India is a hostile neighbor to spend a lot of money of defense but you must be living under a rock if you think India is the sole reason for Pak spending too much money on defense.

    Also may be you need to go back and check to see if these perks are actually going to the soldiers fighting at the ground level or to buy top of the line equipment or it goes towards payment of a summer cabin in the south of France or an apartment in Manhattan for the generail Saabís family
    As per MIG's instructions I won't go further in this discussion, but if you look at that graph the defense spending was in a declining trend and started increasing back up in 2016. I wonder what might have caused that. I hope you are smart enough to understand.


    Mein inko rolaonga

  45. #45
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    Quote Originally Posted by Syed1 View Post
    As per MIG's instructions I won't go further in this discussion, but if you look at that graph the defense spending was in a declining trend and started increasing back up in 2016. I wonder what might have caused that. I hope you are smart enough to understand.
    Thanks.


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  46. #46
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    Any positives from the budget. Let's be real, unless the Kashmir issue is resolved and India Pakistan sign a peace treaty, the defence budget won't go down as the country faces an existential threat

  47. #47
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    PTI supporters are hailing this huge achievement:

    PM House Allocated Budget 2019-2020

    Rs 860 million


    Actual Expenditure:

    ONLY Rs 670 million


    Money saved: Rs 180 million

    I am speechless!

  48. #48
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    Petroleum levy increasedthis will have a detrimental effect any good thing in budget


    Quote Originally Posted by Arsal_AK View Post
    If Hafeez can get two hundreds in a game anyone can.

  49. #49
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    Quote Originally Posted by saeedhk View Post
    PTI supporters are hailing this huge achievement:

    PM House Allocated Budget 2019-2020

    Rs 860 million


    Actual Expenditure:

    ONLY Rs 670 million


    Money saved: Rs 180 million

    I am speechless!
    Last year 860million were allocated because in the year before (last year of PML-N) government close to 1000million were spent. Despite an allocation of 860m only 670m were spent. Now this year allocation has been reduced to 670m.


    Wouldn't it have been better if you had educated yourself of all the facts before acting woke.
    Last edited by MenInG; 13th June 2020 at 22:17.


    Mein inko rolaonga

  50. #50
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    Quote Originally Posted by Syed1 View Post
    This is what PMLN were talking about

    So the extra 40 odd billion PMLN would pocket.

    I wish they would get the noose. Shame they won't.

  51. #51
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    Quote Originally Posted by Syed1 View Post
    It would have better if you had been speechless before you came across this stupid.


    Last year 860million were allocated because in the year before (last year of PML-N) government close to 1000million were spent. Despite an allocation of 860m only 670m were spent. Now this year allocation has been reduced to 670m.


    Wouldn't it have been better if you had educated yourself of all the facts before acting woke.
    As usual, you missed the point. Didnít IK say, before coming to power, that he will will the PM with just a few people and that he will cut down PM House expenditure massively!

    I am still trying to get a place at the PM-house turned university that Imran Khan set up right after coming to power. So far, it had been very challenging! It has high entry standards.

  52. #52
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    ISLAMABAD: The overall budget of presidency has been cut by more than 60 per cent but those of the Supreme Court and Islamabad High Court have enhanced their expenditures for 2020-21, according to the budget document.

    The total budget of the President House was Rs992 million for the outgoing fiscal year but President Arif Alvi has reduced it by Rs597m, or 60.18 per cent for 2020-21 and the reduction has been shown in personal expenditures of the president along with cuts in allowances of the human resources working there.

    The budget book 2020-21 shows that regular allowance and other allowances of staff and officers posted in the President secretariat are Rs193.22m for the upcoming fiscal year, as compared to Rs458.74m spent under the same head in the outgoing fiscal year.

    Similarly, a major cut has been made in the operating expenditures of the presidency to Rs53.38m, which was Rs180.44m in the fiscal 2019-20. A major reduction has been made in the repair and maintenance expenditures for the upcoming fiscal year at Rs3.86m as compared to Rs21.09m in the outgoing year.

    It seems that President Alvi is not taking any salary, that was Rs10.75m in 2019-20 as there is no mention of this head in the budget book along with other expenditures such as Rs15.65m for his tour expenses and Rs63.37m as miscellaneous spending etc.

    Apart from the presidency, these bodies include the Supreme Court of Pakistan, Islamabad High Court, federal ombudsman secretariat for protection against harassment of women at work, Wafaqi Mohtasib Secretariat, Federal Tax Ombudsman, offices of the Accountant General Pakistan and the Auditor General Pakistan.

    The expenditures of the Supreme Court show an increase of almost 15pc in the new budget, at Rs2.40 billion, which includes an increase in salary and allowances by 16.12pc for the next fiscal year.

    The budget book shows that the total salary of 860 employees including judges, officers and staff in the Supreme Court would be Rs522.87m for the next fiscal year and their allowances have been earmarked at Rs1.39bn.

    The pay and allowances for 857 personnel in the outgoing fiscal was Rs452.53m and Rs1.19bn.

    The budget book shows that the Islamabad High Court (IHC) has increased the salaries and allowances of its human resources including judges, other officers and staff by 33.86pc.

    The employees related expenses of IHC have been enhanced to Rs679.14m for 2020-21 compared to Rs507.35m in the outgoing fiscal. However, the IHC has reduced its operating cost to Rs13.55m for the next fiscal from Rs49.12m in 2019-20.

    The personal budget of the prime minister and the PM secretariat is not “charged” as per law and it needs to be approved by the National Assembly.

    The budget book show that the total budget of the PM including “internal and public” is Rs863.00m, down from the Rs1.04bn expenses incurred in the outgoing fiscal year.

    Cuts have been made in almost all the heads and the employees related expenditures of the PM House office is Rs686.84m against Rs752.81m incurred in the last fiscal year, whereas the approved budget of pay and allowances of PM office for 2019-20 was Rs879.43m.

    At the same time the operating expenses of PM office in the outgoing fiscal was Rs212.49m and it has been reduced to Rs127.89m for 2020-21.

    https://www.dawn.com/news/1563433/pr...-significantly


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  53. #53
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    Quote Originally Posted by Bewal Express View Post
    Yes after showing you who is boss. Maybe you should have gone to the border and taken on the Chinese, something your army failed to do.
    Lol. They de escalated. Thats showing who is the boss?

    We will deal with our border situation as per our methods, not how pakistanis want us to.

    Chinese went back.

  54. #54
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    Quote Originally Posted by cricketjoshila View Post
    Lol. They de escalated. Thats showing who is the boss?

    We will deal with our border situation as per our methods, not how pakistanis want us to.

    Chinese went back.

    They have handed your a*** to you and you are celebrating. You are the size as them and they have humiliated you.

  55. #55
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    India has a habit of celebrating there defeats,


    If you want to destroy a country, just create enmity between its people and their army - Salahuddin

  56. #56
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    i wrote this in another topic, but i think its more apt here, apols if this is considered double posting

    investment made today will dictate where pakistan is headed in the next 10 to 15 years, this link has the total budget in detail

    http://www.finance.gov.pk/budget/Ann...ish_202021.pdf

    Page 9 summary, Pakistan expenditure (rounding to make my lift easier)

    Defense: PKR 1300 billion
    Education : PKR 90 billion

    Page 10 details:
    Defense, procurement of phsyical assets, 360 billion, up from 320 billion in the previous year

    Page 12 details:
    Education, primary and secondary education combined expenditure, Rs 10 billion.

    So in the previous year Pakistan has found resources to procure extra military assets worth roughly 4 years spending on primary and secondary education in Pakistan despite a supposed economic slow down.

    60 to 70 million Pakistanis are under 15 years old. Assuming 20% are below 5 years old, conservatively 40 to 50 million Pakistanis are of primary school age. Pakistan is spending (if my maths is not incorrect) Pkr 200 per capita on their education.

    That is $1.50 per eligible student per year.


    I will not leave any opinions in this post, i don't think i need to, the numbers say everything.

  57. #57
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    Quote Originally Posted by ElRaja View Post
    i wrote this in another topic, but i think its more apt here, apols if this is considered double posting
    Sir first get your facts right. Education is a provincial subject. The budget that was announced a couple of days ago was the federal budget and the allocation under education was for Islamabad and some national level programs. When provinces announce their budgets then we will be able to gauge how much money Pakistan spends on education cumulatively.

    To give you an example last year Pakistan spent approx 1100b on defense and about 1000b on education.


    Mein inko rolaonga

  58. #58
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    Quote Originally Posted by Syed1 View Post
    Sir first get your facts right. Education is a provincial subject. The budget that was announced a couple of days ago was the federal budget and the allocation under education was for Islamabad and some national level programs. When provinces announce their budgets then we will be able to gauge how much money Pakistan spends on education cumulatively.

    To give you an example last year Pakistan spent approx 1100b on defense and about 1000b on education.

    so the defense budget gets more than education, thats stupid defense should be a lot lower for the next 5 yrs -so we can spend on more on health care, agriculture, I.T / pharmaceuticals / sewage/ landfills /dams/ even just investment into roads and every transport , more trees -especially in karachi / multan / bhawalphur - barely see a tree and even into factories for cotton-we can easily sell more- especially to the UK who want to purchase it from us. cargo ships and yes even invest more in karachi - as you know its dump- massively needs regeneration


    TGK 237.1 owner

  59. #59
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    LAHORE: The Punjab government will present a budget of Rs2.222 trillion today in the provincial assembly with an expected total annual development outlay of Rs338.5 billion. The Punjab Sales Tax is expected to be slashed to 5% for the majority of services.

    Further, the government is going to allow submission of the property tax in two installments due to the Covid-19 pandemic. Punjab will get almost Rs1.439 trillion from the federal divisible pool from the federal government under National Finance Commission (NFC) transfers while it has targeted Rs317 billion indigenous revenue collection through Punjab Revenue Authority, Board of Revenue, Excise and Taxation and non-taxation revenue. Further, the government is expecting almost Rs132 billion funds from donor-funded projects in the shape of foreign assistance.

    The economic impact of the COVID-19 is going to be exposed in the forthcoming fiscal year so the government is fixing downwards revenue targets for the fiscal year 2020-21. The government allocated Rs10 billion for new 8,519 recruitments in the health department, Rs13 billion block allocation for COVID-19 specific on the current side, Rs30 billion economic stimulus package for SME sector and Rs15 billion tax relief package and Rs35 billion for the existing workforce of the health department under COVID-19 initiatives.

    Further, the government has allocated more than 55% of its budget for the four departments, including Rs323 billion for school education, Rs130 billion for specialised health, Rs123.5 billion for primary health, Rs132.8 billion for the police department. The overall provincial tax revenue target is being fixed at Rs230 billion from last year Rs295 billion.

    The revenue target for the Punjab Revenue Authority is being fixed at Rs125.4 billion, Board of Revenue Rs65 billion, Excise and Taxation Rs32 billion since car sales have been sharply declining for the last fiscal year. Similarly, provincial non-tax revenue is estimated at Rs88 billion from the last year of Rs93.395 billion.

    The government has decided to incentivise 10 sectors in the taxes. These sectors are the property builders and developers, commission agents of agricultural produce, audit, accounting and tax consultancy, photography services, skin and laser clinics, manpower and recruitment services, parking services, IT services, education franchise, restaurants, beauty salons in case of payment via debit/credit cards.

    Further, these sectors are given tax exemption due to COVID-19, medical consultancy, beds, room charges of hospitals, health insurance, hotel and guest houses with less than 20 rooms, marriage halls, lawns, pandals and caterers, digital platform services, tour operators, healthcare, gym, physical fitness etc, and property dealers and realtors.

    Similarly, discounted 5% GST on service is proposed for the sectors, rent-a-car (provided to individuals), automobile dealers other than corporate and authorised dealers, cable TV operators, toll manufacturing, apartment management and rent collection.

    The current expenditure is increased to Rs1.336 trillion from Rs1.298 trillion, with an increase in salary expenditures to Rs355.5 billion from Rs37.6 billion, pension Rs250.7 billion, PFC Rs448.5 billion, service delivery expenditures Rs239.7 billion, current capital expenditures Rs129.39 billion and Account-II (food account used for wheat trade) estimated at Rs331 billion.

    The province is allocated Rs41.8 billion for interest payments against the loans which are more than Rs10 billion from the last fiscal year.

    The province will witness an extra burden of Rs35.9 billion due to increase in salary budget of police of Rs9.2 billion following the new recruitment, Rs4.4 billion for the new posts created in health and food departments, Rs9.5 billion for corona incentive allowance, Rs1.5 billion for judges package, Rs2 billion for doctors' package and Rs8 billion due to annual increments.

    The government also decided to continue Sehat Sahulat Card with estimated funds of Rs12.5 billion, creating an environment endowment fund of Rs8 billion, allocating Rs5 billion as block allocation for Covid-19.

    Further, the government is targeting an expense of Rs38.1 billion for the procurement of drugs and medicines which is showing an increase of 57% from the previous year of Rs24.2 billion. Similarly, a major spike is witnessed in the operating expenditures of the health department budget estimates. The increase of 136% is forecasted in primary and secondary healthcare with Rs11.8 billion allocation and 29% in Specialised Healthcare and Medical Education with an allocation of Rs37.5 billion.

    However, the policy-makers are unable to get rid of non-implementable Public-Private Partnership (PPP) projects and aiming unrealistic Rs100 billion projects for the fiscal year 2020-21 whereas not a single PPP project of Rs42 billion was materialised during the ongoing fiscal year 2019-20.

    On the development side, other than Rs100 billion PPP projects, the government has fiscal space for Rs337 billion of ADP, out of which Rs130 billion will be allocated for ongoing development schemes, Rs40 billion for other development projects, Rs9 billion of Punjab government component for foreign assistance projects, Rs10 billion for priority projects, Rs5 billion each for South Punjab Block and Chief Minister Special Package.

    https://www.geo.tv/latest/293157-pun...n-budget-today


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  60. #60
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    What the heck... I don't see defense listed in Punjab budget. Has the Punjab government gone crazy????


  61. #61
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    Rs56 billion tax relief for corona-hit businesses in new budget

    The Punjab government has given significant tax relief of Rs56 billion to the businesses hit adversely by the Covid-19 pandemic to save jobs and ensure that such enterprises continued to operate. Additionally, the tax cuts and rebates for taxpayers announced in the 2020-21 budget aim at digitising the economy, ease of doing business, documentation of certain sectors of the economy and promotion of construction and tourism industries.

    At the same time, according to the finance bill, the government has decided to bring the ride-hailing services (Uber, Cream and others) into the provincial sales tax on services net through special rate of 4pc, increasing the total number of services being taxed in the province to 69.The ride-hailing services, which were categorised as Rent-a-Car service, have now been declared a separate business for the purpose of taxing it.


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  62. #62
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    Budget 2020-21: No new taxes as Sindh presents Rs1.24tr budget


    • 10pc increase in salaries of govt employees
    • Rs34.2bn social protection package
    • Health, education budgets raised by over 16pc, 10pc
    • Risk allowance for health personnel fighting Covid-19
    • Rs440m allocated for locust control

    KARACHI: Sindh Chief Minister Syed Murad Ali Shah, who also holds the finance portfolio, presented a Rs1,241.13 billion budget with a deficit of Rs18.38bn for the financial year 2020-21 in the provincial assembly on Wednesday.

    Among the notable figures of the Sindh budget was a 10 per cent across the board increase in the salary of government employees up to grade 16 and five per cent increase in the salary of officials above grade 17.

    In his budget speech amid a noisy protest by opposition parties in the Sindh Assembly, Pakistan Tehreek-i-Insaf and Grand Democratic Alliance, the chief minister said that no new tax had been introduced in the budget 2020-21 and the increase in non-development expenditure was restricted to seven per cent only.

    Mr Shah said development expenditure was estimated at Rs232.94bn, non-development expenditure at Rs968.99bn, and capital expenditure at Rs39.19bn.

    The chief minister said the total revenue receipts were estimated at Rs1,222.75bn, including federal receipts at Rs760.30bn (65 per cent), provincial receipts at Rs313.39bn (26.8pc), capital receipts at Rs25bn (2.1pc) and other receipts at (FPA & PSDP) Rs69.05bn (5.9pc).

    He said the increase in non-development expenditure was mainly due to the provision of Covid-19-related pro-poor “Social Protection and Economic Sustainability” package of Rs34.2bn and increase of Rs19bn in the health sector and Rs22.9bn in the education sector from the current year’s budget allocations.

    The CM said agriculture contributed 24 per cent to the GDP. “Sindh’s contribution to national production is 36 per cent in rice, 29 per cent in sugarcane, 34 per cent in cotton and 15 per cent in wheat,” he said, adding that the agriculture budget was increased to Rs14.84bn. He said there was an imminent threat of food insecurity due to locust attacks, which were not only destroying crops but also putting the economy at stake. He said the Sindh government allocated Rs440 million for locust control.

    He said the health department budget was raised by 16.1pc to Rs139.18bn to boost efforts against Covid-19 pandemic and infectious diseases. He said health risk allowance, at the rate of one basic pay with effect from March 2020, would be provided to all health professionals, including postgraduate and house job officers engaged in treating Covid-19 cases.

    The education department budget was also augmented by 10.2pc to Rs244.5 billion for quality education and to cope up the post-pandemic academic challenges, he said.

    According to Mr Shah, this year overall federal receipts were reduced by Rs71.72 billion or nine per cent as compared to the current financial year 2019-20.

    https://www.dawn.com/news/1564268/bu...rs124tr-budget


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  63. #63
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    Fitch Ratings-Hong Kong-18 June 2020: Pakistan’s fiscal consolidation targets presented its FY21 budget on 12 June will be challenging to meet amid the economic shock and health crisis associated with the coronavirus pandemic, says Fitch Ratings.

    Public finances are a key credit weakness, as we noted even before the health crisis took hold when we affirmed Pakistan’s rating at ‘B-’ with a Stable Outlook in January 2020. Nevertheless, continuing support from the IMF and other official creditors should help the government finance its budget and contain risks associated with the country’s fragile external position.

    The government has estimated that Pakistan’s fiscal deficit will reach 9.1% of GDP in the fiscal year ending June 2020 (FY20), against the original budget proposal of 7.1%. Revenues fell short of target, due both to the economic fallout from the pandemic and the fact that the budget goal was overly ambitious, in our view. Current expenditures were also boosted by the government’s PKR1.2 trillion (2.9% of GDP) support package in March to boost health spending and provide assistance to low-income households.

    The new budget forecasts a decline in the fiscal deficit to 7.0% of GDP in FY21. However, this assumes tax revenue will increase by 28% from the estimate for FY20, and will prove challenging in the absence of new tax measures, especially if economic growth remains sluggish. Expenditure is forecast to decline modestly as a share of GDP, although the government aims to boost healthcare spending and support to low-income households through its Ehsas programme. Further expenditure cuts could be implemented if revenues fall short of target.

    Fitch’s forecasts are more conservative than the government’s. We expect deficits of 9.5% of GDP in FY20 and 8.2% in FY21, pushing the public debt-to-GDP ratio up to 89% of GDP. This would be above the median level of 66% among Pakistan’s rating peers in that year. We expect that the ratio will begin to fall after FY21, but this remains contingent on the government’s ability to make progress in fiscal consolidation and on GDP growth rates.

    The government’s limited fiscal headroom within its rating category will constrain its ability to provide a more robust fiscal response to the coronavirus. The number of COVID-19 cases continues to rise rapidly, increasing by over 40,000 in the week to 15 June.

    The country’s rating also reflects a fragile external position given the sovereign’s high external debt repayments. Liquid foreign exchange reserves remain low at around USD10.1 billion, but import compression has increased reserve import cover to about 3.6 months. Moreover, lower oil prices are expected to offset the decline in remittances, which will keep the current account deficit stable at around 2% of GDP through FY21.

    External liquidity will be supported by the country’s participation in the G-20’s Debt Service Suspension Initiative, which the government estimates will delay servicing payments in 2020 of around USD1.8 billion. The initiative involves only bilateral creditors at present and the Pakistani government has indicated that it has no plans to seek private-sector debt service suspension.

    Pakistan also received USD1.4 billion of emergency support from the IMF under the Rapid Financing Instrument in April, in addition to its existing USD6 billion Extended Fund Facility (EFF). We expect the IMF to be flexible in its programme targets with Pakistan given the magnitude of the pandemic shock, and expect the release of accumulated tranches from the EFF over the coming months. Additional financing has also been forthcoming from other multilateral and bilateral creditors.

    https://www.fitchratings.com/researc...ess-18-06-2020


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  64. #64
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    Govt confident of achieving FBR tax collection tartget: Hammad Azhar

    ISLAMABAD: Minister for Industries and Production Hammad Azhar on Thursday said the government was confident of achieving the Federal Board Revenue (FBR) tax collection target of Rs. 4.96 trillion set in the budget 2020-21.

    While concluding discussion on the Finance Bill 2020-21 in the National Assembly here, the minister said those who were considering the target as ambitious should know that during the pre-COVID period, the tax collection was increasing at a rate of 17 percent compared to the last year.

    He said normally tax collection during last quarter of the financial year remains highest as compared to the first three quarters but unfortunately outbreak of the pandemic dented the overall economy and revised tax target of Rs. 4.8 trillion could not be achieved.


    The minister pointed out that the present government inherited a weak economy but due to its concerted efforts, the government succeeded in stabilizing the economy which was evident by the fact that all the international financial institutions were praising Pakistan government performance on economic front prior to outbreak of the pandemic.

    He said the COVID-19 had affected the whole world and the world economy was projected to be slowed down by 4-6 billion causing loss of US$12 trillion.

    In such worst situation, the government had to present a tax free budget he said adding that presenting a tax free budget while enhancing allocations for development as well as education and health budgets in the face of coronavirus shows the true leadership of Prime Minister Imran Khan.

    Hammad Azhar said the government achieved remarkable success during the last fiscal year especially in its first nine months while all financial needs had been equated as per resources in this federal budget 2020-21.

    The minister said the government tried to minimize the impact of Covid-19 on the economy by pursuing a prudent strategy.

    He said the government reduced the current account deficit by 73 percent, trade deficit 31 percent and fiscal deficit by 3.8 percent in the first nine months of current fiscal year.

    He said it is also for the first time that our primary surplus remained positive.

    He said Foreign Direct Investment also doubled from one billion dollars to two billion dollars and refunds of Rs. 250 billion were also made to the businesses.

    To cope with the situation, the government gave a mega stimulus package and under this the payments were made to all the provinces.

    The minister said that Rs. 75 billion were allocated for bulk purchases of Personal protective equipment’.

    He said Pakistan today was producing PPEs.

    He said cash assistance of Rs. 12000 each had been given to 16 million people in addition we also paid the electricity bills of small and medium enterprises for three months.

    Hammad Azhar said the government opted phased wise lifting up lockdown to protect the livelihoods of the vulnerable groups.

    Sharing the main points of the next budget, the minster said that no new tax had been imposed rather a several taxes had been abolished.

    He said the custom duties on 1600 tariff lines of different raw materials had been abolished. Over ten withholding taxes have also been waved off.

    He said 661 billion rupees had been set aside for the annual Public Sector Development Program.

    He said Balochistan had been given the biggest share in the PSDP followed by Sindh.

    The minister categorically stated that the federal government had not withheld the amounts of the provinces under the National Finance Commission and an amount of Rs. 88 billion had been additional given to the Balochistan.

    The minister said that the recommendations of the Upper House for the Finance Bill 2020-21 would be given due consideration.

    https://www.brecorder.com/news/40000...t-hammad-azhar


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  65. #65
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    PPP Chairman Bilawal Bhutto and PML-N President Shehbaz Sharif rejected budget 2020-21 presented by the government a few weeks ago and agreed to call an All Parties Conference next week in light of the evolving political situation in the country.

    Bilawal telephoned the former Punjab chief minister on Friday and inquired after his well-being, days after Shehbaz tested positive for COVID-19.

    The two leaders also discussed the contemporary political situation of the country agreeing to summon an All Parties Conference next week.

    Both the leaders, in unison, rejected the budget which was presented this month by the government.

    Earlier this week, the PML-N president said that the "confused" statements made by Prime Minister Imran Khan about the coronavirus outbreak show that he is in a state of denial which, he alleged, is leading to a rise in the deaths due to the deadly disease.

    “Ministers are making announcements regarding deaths from the coronavirus but the statements from the premier are in total contradiction to those,” Shehbaz said, in a statement today.

    The PML-N president, who is also a cancer survivor, tested positive for the virus on June 11.

    https://www.geo.tv/latest/294946-bil...sion-next-week


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  66. #66
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    Addressing budget reservations: PM invites political allies to dinner tonight

    (Karachi) In order to address reservations of political allies related to the budget, Prime Minister Imran Khan has invited coalition partners to a dinner tonight at his official residence, media has reported. Federal ministers and PTI members would also attend the dinner.

    As part of efforts, the prime minister will also convince the Balochistan National Party-Mengal (BNP-M) and redress their grievances. The government has also agreed to implement the six-point agenda agreed with the BNP-M including six percent jobs for Balochistan in federal government departments.

    However, the BNP-M has refused to attend dinner hosted by the PM, saying it is no longer a partner in coalition.

    Meanwhile, Balochistan Awami Party (BAP), government's ally in the province, has decided to attend the dinner and extend support to the government for approval of the federal budget for year 2020-21.

    Reportedly, Pakistan Muslim League- Quaid-e-Azam (PML-Q) and Railways Minister Shaikh Rashid Ahmed will also not attend the dinner.

    The Pakistan Tehreek-i-Insaf (PTI) government unveiled its second annual budget for the fiscal year 2020-21 on June 12 with a total outlay of Rs 7,294.9 billion. This size is 11% lower than the size of budget estimates 2019-20.

    The budget deficit would be 7pc of the GDP and has been budgeted at Rs3,195 billion for FY2021. Whereas, the government will pull out the Pakistan economy from a negative 0.4pc contraction and targets a 2.1pc GDP growth in FY 2021.

    https://www.brecorder.com/news/40001...dinner-tonight


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  67. #67
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    Opposition parties on Sunday rejected the federal government's budget for the new fiscal year, lambasting the ruling PTI for being unable to provide people with relief during the coronavirus pandemic.

    Speaking alongside PML-N's Khawaja Asif and Jamaat-i-Islami's (JI) Mian Aslam, PPP Chairman Bilawal Bhutto-Zardari said the "united opposition" has rejected the government's budget and has issued a joint statement in this regard.

    The PPP, PML-N, JI, Jamiat Ulema-i-Islam, Awami National Party, Balochistan National Party-Mengal, National Party, Qaumi Watan Party and some of our independent friends in the National Assembly have rejected this budget, he said.

    The announcement — made during a press conference in Islamabad — comes ahead of Monday’s crucial voting in the National Assembly to pass the federal budget.

    The government has been trying to woo its disgruntled allies before the NA meets on Monday to vote on the budget. Earlier today, delegations from the Balochistan Awami Party (BAP), the MQM, and the Grand Democratic Alliance called on the premier.

    "This budget has united the people against the government. We had thought that the budget would help protect the people's economic rights. Instead of doing that, it has added to their burden," Bilawal said during today's press conference.

    The PPP chairman added that the government's unexpected decision to increase the prices of all petroleum products by up to nearly Rs26, was an "excellent example of this government's hypocrisy".

    Responding to a question, Bilawal said that the opposition had played a "responsible role" so far. "When the pandemic hit, we said we will keep partisan issues aside and fight it together.

    "Three to four months have passed and this is still our stance, but the prime minister has not taken this seriously. Before the pandemic, he was a threat to our democracy and economy. Now, he is a threat to people's lives and their economic prosperity."

    The PPP chairman went on to say that the PTI lacked the leadership needed to combat the pandemic. "You need to have an 'above politics' view [...] the PTI doesn't have such leadership, and citizens are suffering as a result."

    Bilawal also said that Leader of the Opposition in the National Assembly Shehbaz Sharif was in contact with all parties despite having the coronavirus. He said that an All Parties Conference will be announced as soon as Shehbaz recovers.

    "Even when sick, Shehbaz is making Imran sweat."

    Bilawal added that if the government had paid heed to the advice of doctors and other international bodies, the country may have been spared from Covid-19. "The only way to solve the country's problems is through democracy [...] not with selected consensus."

    'As long as Imran is premier, we are headed towards disaster'

    Representing the PML-N, Khawaja Asif reiterated that instead of providing people some relief during this difficult time, the government had added to people's difficulties.

    "Prime Minister Imran Khan has become a national liability. As long as he is the premier, we are headed towards disaster. The sooner we get rid of him, the more chances we have of salvaging the situation," he said, adding that they will formulate a joint strategy in this regard.

    He stated that the manner in which the government's coalition partners were abandoning ship was a sign that its end was near.

    He added that that a government that used state institutions to target the opposition was "cowardly", adding that it was now time for them to be held accountable.

    Asif said that the opposition will explore all constitutional means to change the government. "There is a need for building consensus within the opposition, which is already there. The PTI has a lot [divisions] at the moment, which will become more visible in the coming days.

    "[The country] needs a new mandate."

    JI's Mian Aslam also criticised the government's ability to address current problems in the budget for the new fiscal year, calling it "unrealistic".

    Shortly after the announcement, Information Minister Shibli Faraz, Minster for Industries Hammad Azhar and Communications Minister Murad Saeed held a press conference, calling the move an attempt at political point-scoring.

    Speaking to the media in Islamabad, Azhar said that he failed to understand why the opposition was rejecting the budget. "No new taxes have been imposed, relief has been given [...] withholding taxes and custom duties have been removed, so what are they rejecting?"

    He said that this had become a sort of "tradition" for the opposition. "When I was reading the budget, it has not yet been tabled, but even then they had rejected it. This has become a tradition for them for political point-scoring.

    "Since we are facing difficult times, I expected the situation to be different. However, the opposition has always bowed down to their own interest and not the country's."

    He added that the criticism about an increase in petroleum prices was baseless as prices in Pakistan were still lower than other countries in the region.

    The information minister highlighted that the opposition was unable to see a person without a business or agenda come into power, adding that they should be ashamed for making such statements during this difficult time.

    https://www.dawn.com/news/1565770/op...ew-fiscal-year


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  68. #68
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    The National Assembly session to hold crucial voting to pass the federal budget 2020-21 is currently ongoing in Islamabad.

    Minster for Industries Hammad Azhar said today's session was meant to move amendments to the finance bill and pass it, yet the opposition was resorting to personal attacks.

    He accused the opposition of shouting "na manzoor" (unacceptable) even before the budget was presented in the parliament.

    Read: 'No new taxes' in Rs7.13 trillion budget FY2021, says govt

    "I expected there would be concrete arguments [today] but the opposition is making personal attacks — this is the level of their seriousness," said Azhar, who was addressing the parliament after PML-N senior leader Khawaja Asif and PPP Chairperson Bilawal Bhutto Zardari.

    Bilawal in his speech had lashed out at Prime Minister Imran Khan over his response to the coronavirus pandemic in the country.

    He claimed the premier now has "only two options — either ask forgiveness from the public and the assembly for destroying the economy and putting peoples' lives in danger or resign and let someone responsible take charge".

    PML-N senior leader Khawaja Asif addresses National Assembly session on Monday. — DawnNewsTV
    Lawmaker Khawaja Asif said that the PTI government needed to be stopped from causing further damage. "They have increased the petrol price to Rs100 per litre. This will not only have an effect on petrol but they will now drop bombs on gas and electricity as well.

    "This is because they have made commitments with liquidators to revise these tariffs. The budget is an interim document," he alleged.

    Muttahida Majlis-i-Amal's (MMA) Maulana Asad Mehmood and PTI's Ali Amin Gandapur exchanged hot words over each other's "characters". Digressing from the budget, Mehmood also criticised the government's performance on other fronts, including raising the plight of Kashmiris.

    Opposition parties on Sunday had presented a united front in rejecting the federal government's budget for the new fiscal year, lambasting the ruling PTI for being unable to provide people with relief during the coronavirus pandemic.

    Soon after the press conference of opposition leaders, the PTI ministers had ter*m***ed the opposition stance an attempt to provoke people just for political point scoring.

    Meanwhile, on Sunday evening, in an app*arent move to muster support, Prime Minister Imran hosted a dinner reception where he asserted that his government would complete its five-year term.

    As many as 14 MNAs belonging to the Imran-led PTI, Pakistan Muslim League-Q (PML-Q) Baloch*istan National Party (BNP-Mengal), Pakistan Awami Muslim League (PAML) did not attend the dinner held on the lawns of PM House.

    Due to the backdoor efforts of Speaker National Assembly Asad Qaiser, however, the missing 14 MNAs of the ruling party, including Haji Imtiaz and Nawab Karamat, turned up at the PM House after the dinner.

    The PML-Q, despite its differences, decided in principle to vote for the passage of the federal budget 2021-21.

    The decision to vote for the passage of the federal budget was taken at a PML-Q meeting, jointly presided over by Chaudhry Shujaat Hussain and Pervaiz Elahi at their Zahoor Elahi Road residence, on Sunday.

    https://www.dawn.com/news/1565925/cr...0-21-under-way


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  69. #69
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    Parliament approves Budget FY2020-21

    The National Assembly (NA) has approved the Rs7.23 Trillion outlay Budget FY 2020-21 on Monday.

    Minister for Industries and Production Hammad Azhar on Monday moved the Finance Bill, 2020 at the NA to give legal effect to the budgetary proposals for the next fiscal year. The amendments proposed by the Opposition in the Finance Bill, 2020 were rejected by the House.

    Addressing the NA, Hammad Azhar said the government has presented a tax-free budget and it envisages relief measures not only for the construction sector but also for the promotion of mobile phone manufacturing and electric vehicles.

    The minister informed the lower house that duties and taxes on the import of sixteen hundred raw materials have been brought to zero. He said it is the first time that the Annual Development Plan carries the biggest allocations for Balochistan and Sindh.

    Talking about the latest hike in petroleum products price, Azhar clarified that the government has not increased the sales tax or petroleum development levy on petroleum products. He said their prices have been increased keeping in view the upward trend in the international oil market.

    He added that the mafias in oil, sugar, and flour will be brought to justice.

    https://www.brecorder.com/news/40001...dget-fy2020-21


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  70. #70
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    After debates and amendments, NA passes Finance Bill 2020-21

    The National Assembly on Monday passed the Finance Bill 2020-21 with a voice vote, after debates and amendments. Earlier, the government defeated the opposition with 160-119 votes at the time of passage of clause nine of the bill.

    The opposition did not insist for a vote at the final passage as it had already been defeated during clause-by-clause vote.

    Prime Minister Imran Khan joined the session halfway as the speaker listed each clause and amendment. During the voting, a large number of members in the treasury benches started thumping their desks and chanting slogans in favour of the premier.

    Asad Umar, taking to Twitter after the passing of the bill, said: "Tall claims made by the opposition and some sensationalist analysis by the media over the last few days and the result is that the 29-vote majority — through which last year's budget was passed — has increased to 41 votes."

    He also congratulated all colleagues and workers of the PTI.


    Earlier, while addressing the parliament, Minster for Industries Hammad Azhar said today's session was meant to move amendments to the finance bill and pass it, yet the opposition was resorting to personal attacks.

    He accused the opposition of shouting "na manzoor" (unacceptable) even before the budget was presented in the parliament.

    "I expected there would be concrete arguments [today] but the opposition is making personal attacks — this is the level of their seriousness," said Azhar, who was addressing the parliament after PML-N senior leader Khawaja Asif and PPP Chairperson Bilawal Bhutto Zardari.

    Bilawal in his speech had lashed out at Prime Minister Imran Khan over his response to the coronavirus pandemic in the country.

    He claimed the premier now has "only two options — either ask forgiveness from the public and the assembly for destroying the economy and putting peoples' lives in danger or resign and let someone responsible take charge".

    Lawmaker Khawaja Asif said that the PTI government needed to be stopped from causing further damage. "They have increased the petrol price to Rs100 per litre. This will not only have an effect on petrol but they will now drop bombs on gas and electricity as well.

    "This is because they have made commitments with liquidators to revise these tariffs. The budget is an interim document," he alleged.

    Muttahida Majlis-i-Amal's (MMA) Maulana Asad Mehmood and PTI's Ali Amin Gandapur exchanged hot words over each other's "characters". Digressing from the budget, Mehmood also criticised the government's performance on other fronts, including raising the plight of Kashmiris.

    Opposition rejects budget, govt reaches out to allies

    Opposition parties on Sunday had presented a united front in rejecting the federal government's budget for the new fiscal year, lambasting the ruling PTI for being unable to provide people with relief during the coronavirus pandemic.

    Soon after the press conference of opposition leaders, the PTI ministers had ter*m***ed the opposition stance an attempt to provoke people just for political point scoring.

    Meanwhile, on Sunday evening, in an app*arent move to muster support, Prime Minister Imran hosted a dinner reception where he asserted that his government would complete its five-year term.

    As many as 14 MNAs belonging to the Imran-led PTI, Pakistan Muslim League-Q (PML-Q) Baloch*istan National Party (BNP-Mengal), Pakistan Awami Muslim League (PAML) did not attend the dinner held on the lawns of PM House.

    Due to the backdoor efforts of Speaker National Assembly Asad Qaiser, however, the missing 14 MNAs of the ruling party, including Haji Imtiaz and Nawab Karamat, turned up at the PM House after the dinner.

    The PML-Q, despite its differences, decided in principle to vote for the passage of the federal budget 2021-21.

    The decision to vote for the passage of the federal budget was taken at a PML-Q meeting, jointly presided over by Chaudhry Shujaat Hussain and Pervaiz Elahi at their Zahoor Elahi Road residence, on Sunday.

    https://www.dawn.com/news/1565925/af...e-bill-2020-21


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  71. #71
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    Opposition ki tuss. These crooks have left a bankruptcy for Kaptaan to deal with, and know they have nothing to offer.

  72. #72
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    As usual the threats of the opposition came to nothing

  73. #73
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    LOL at all the people who were hoping the government won't be able to pass the budget. They got even more votes than last time.


    Please observe a moment of silence for the dead hopes and dreams of patwaris.

  74. #74
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    Quote Originally Posted by Syed1 View Post
    LOL at all the people who were hoping the government won't be able to pass the budget. They got even more votes than last time.


    Please observe a moment of silence for the dead hopes and dreams of patwaris.
    I think the media is the most disappointed. According to them, IK's tenure was about to finish today.

    Commiserations to Talat Hussain, Umer Cheema, Mubashir Zaidi, Asma Shirazi, etc.


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  75. #75
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    The Traitor Hamid Mir is claiming that NS asked Nooras to vote for the budget. So yesterday they told us they would bring down the govt, today after the humiliation they are telling us they saved the govt. IK may have had a bad upto yesterday, until the audit reports came out and today he must be elated to face an opposition party that is soooo cowardly.


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