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.