Prime Minister Imran Khan has called a special meeting of the Federal cabinet today regarding Budget 2020-21.
According to details, a special cabinet meeting will be held in which officials will discuss the budget 2019-20 budget. The federal budget for this year is likely to be approved as well.
The cabinet will be given a briefing by Finance advisor Hafeez Sheikh on budget expenditure, revenue target, and budget deficit and relief package.
Note that the government will not present any new tax in the upcoming budget while measures will be taken to limit tax evasion. The Federal Board of Revenue will be provided special directions to halt tax evasion.
Sources said that the government is likely to limit its expenditures and will not increase the pension of the retired government employees.
“International Monetary Fund (IMF) is emphasizing the government to set Rs5,100 billion tax collection target for the fiscal year 2020-20 while the Finance Division proposed to set a target of Rs4,600 billion.”
Budget 2020-21 is going to be announced soon by the Federal government in Pakistan. Pakistan Tehrik-e-Insaf-led federal government had presented its first annual budget in June 2019. Federal Minister for Revenue Hammad Azhar had presented the new budget in the parliament. It is necessary to have a glimpse of the budget 2019-20.