The budget for the financial year 2022-2021 is presented in the National Assembly today.
The total volume of the budget for the year 2021-22 is likely to be more than Rs 8,000 billion, presenting by the Federal Minister of Finance Shaukat Tarin in the National Assembly.
In the federal cabinet meeting, it is approved to increase the salaries of government employees by 10%.
Rs900 billion is being set aside for the federal development budget and Rs. 1,330 billion for defence.
The target for tax collection in the new financial year will be Rs 5,705 billion, 480 billion in pensions, 530 billion in subsidies, 900 billion in development budget, 510 billion in civil government expenditure and 994 billion in grants.
Budget 2021-22 – Miscellaneous Points
Rs260 billion for Ehsaas Program
Tax collection target set at Rs5829 billion
The remittances with the 25% increase, reached $29 bn in FY2020
The annual development program is proposed at Rs9,000 billion
Rs2,135 billion proposed for public sector development program
Rs57 billion have been fixed for the first phase of the Dasu Hyder Project
Rs23 billion reserved for Diamir Bhasha Dam
Rs6 billion earmarked for Mohmand Dam and Rs 14 billion have been proposed for Neelam Jhelum Project
Tax To Be Reduced On Vehicles Smaller Than 850 Cc
In the federal budget 2021-22, being presented by Finance Minister Shaukat Tarin in the National Assembly (NA) today, it is expected that small cars and motorcycles will become cheaper.
According to sources, the budget 2021-22 will propose to reduce taxes on vehicles smaller than 850 cc.
A proposal to reduce sales tax, excise duty and additional customs duty on small vehicles are also under consideration, sources said.
In addition, a plan may be given to reduce the tax on various brands of new motorcycles and on new models of tractors.