Budget 2020: National Assembly approves proposed financial plan
The National Assembly on Monday has approved the proposed federal budget for the fiscal year 2020-2021.
Federal Minister for Industries and Production Hammad Azhar had presented a Rs7.14 trillion budget for fiscal 2020-21 on June 12.
Today’s session was also attended by Prime Minister Imran Khan. The PM made the entry when the clause-wise amendments to the Finance Bill began in order to sail it through the House.
The total outlay of the federal budget 2020/21 is Rs7.136 trillion, a little expansionary to get economic recovery as already the economy has contracted in the outgoing fiscal year for the first time since 1952 due to COVID-19.
Tax revenues have been targeted at Rs5.464 trillion against the revised estimates of Rs4.208 trillion for the outgoing fiscal, depicting an increase of 29.8 percent. Of total tax collection, the FBR’s collections target has been increased by 27 percent to Rs4.963 trillion against the revised estimates of Rs3.91 trillion.
China helps fulfil Argentina's energy dream with world's southernmost hydroelectric dams
BUENOS AIRES: Argentina and China are combining efforts to complete two dams...
Trade protectionism curtails US economic development: economist
WASHINGTON: The US actions in the trade sphere not only curtail America's...
Rupee hits all-time low against dollar
KARACHI: The rupee fell to another all-time low of Rs169.60 against the...
Artistic Denim Mills earns profit of Rs353.9 million
KARACHI: Artistic Denim Mills Limited has declared a final cash dividend of...
Malaysia targets 5.5% GDP growth in next 5 years
Economy KUALA LUMPUR: Malaysia is targeting a gross domestic product (GDP) growth...