Prime Minister Imran Khan has summoned a special federal cabinet meeting today (Tuesday) to finalise all proposed recommendations regarding the federal budget for upcoming fiscal year 2019-20.
Total volume of the upcoming budget is recommended to be Rs6,800 billion whereas tax receiving target for FBR will be Rs5,550 billion.
the federal government will table the budget amounting Rs6,800 billion on Tuesday before the lower house of legislation.
It is likely that the budget deficit will remain more than Rs3000 billion.
For the first time in country’s history, no increase will be done in the military’s budget.
It is likely that new taxes amounting Rs750 billion will be imposed on commodities of daily usage including consumer items, electric appliances, electronic tractors, agricultural tools and items of clothing.
However, a recommendation has been given which seeks a 10 per cent increase in salaries and pensions of government employees.
The budget will be presented once Prime Minister and members of the federal cabinet approve all minute details regarding the budget in their meeting tomorrow.
The postulates in the upcoming budget are prepared as per the conditions of International Monetary Fund (IMF).
Recommendation of allocating Rs1,250 billion for defense purposes has been given which is the same as last year’s budget.
The finance saved from cutting down an increase in defence budget will be used for the development of sub-standard regions in Khyber Pakhtunkhwa province.
Furthermore, Pakistan Tehreek-e-Insaf government has decided not to grant any increase in salaries of the bureaucrats.