ISLAMABAD: The federal budget of Rs7,400 billion for the financial year 2020-21 will be presented in the National Assembly today (Friday), ARY News reported.
The budget session of the National Assembly will commence at 4pm today.
A special session of the Federal Cabinet chaired by Prime Minister Imran Khan will also be held tomorrow to approve the budgetary proposals for the next year.
It is pertinent to mention here that the federal government had decided to present a tax-free budget for the fiscal year 2020-21.
Sources privy to the matter said that the government will not introduce any new tax in the forthcoming budget while harsh measures will be taken to curb tax evasion. Federal Board of Revenue will be given special directions/powers to stop tax evasion in the country.
Read more: Govt not to impose new taxes in upcoming budget: Abdul Hafeez Shaikh
The government will curtail its expenditures and will not increase pension of the retired government employees, the sources added.
“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 target of Rs4,600 billion.”
In view of ongoing tense situation in the region, it will be difficult for the government to cut defence budget, the sources said and added Rs1,400 billion would be allocated for the defence.
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