The first federal budget of Pakistan of the year 2019-2020 was presented by the Hammad Azhar, the state minister for revenue, in a Parliament session held chaired by the speaker of National Assembly Asad Qaiser on Tuesday. During the budget speech, Imran Khan was also present there. The budget was presented for 7022 billion rupees.
During the speech, Hammad Azhar hoped that the financial year 2019-20 will be a year for economic stability.
Rs1.863 trillion has been allocated to the Public Sector Development Programme (PSDP) for the upcoming fiscal year.
The highlights of budget are as under:
- To one million needy people, new ration card scheme will provide them fresh and nutritious food.
- Women and children will be provided the facility of online courses for this purpose, 50 saholat centers will work.
- For the elders, building of ehsas homes has started.
- Poor will be peovided ‘sehat saholat” from selected 270 hospitals from where they can enjoy health facilities worth Rs. 720,000 per year.
- Low cost housing is being introduced.
- Steps will be taken for fighting against inflation.
- 200 billion is allocated for road networks.
- 55 billion are allocated for the construction of dasu hydropower station.
- 58 billion rupees are allocated for health, education and developmental goals.
- For youth saholat, 100 billion are allocated to provide them with loans.
- In the industrial sector, jobs are being boosted.
- 280 billion are given to the agricultural sector.
- To fight the money laundering based on trade, steps are proposed.
- From more than 1600 tariff lines, duty is being exempted.
- Custom duty on paper shall be exempted and duty will be reduced by 16% to 20%.
- To promote export, facilitation schemes are being simplified.
- Tax on the food supplied by the restaurants and bakeries has been reduced from 17%- 7.5%.
- Tax has been reduced on the sale of concentrated milk.
- The fixed value of CNG that is supplied to the CNG dealers is increased.
- Tax on sugar has been increased.
- To facilitate the tax payers, return filing will not be compulsory during the process of deregistration.
- On cement, federal excised duty has been increased.
- FED on cars has been increased.
- FED on cigarettes is proposed to be increased.
- For people engaged in Business, are required to get themselves registered.
In the conclusion, it is accepted that the start of the year will be tough but eventualy fruitful. The government has tried to save the poor from the effects of budget.
The opposition called it a budget of the International Monetary Fund (IMF) and they also called it anti- poor and raised slogans in the parliament against it ‘unacceptable IMF budget’’.
During the first part of speech the members of parliament only raised slogans but later on , they gathered near the dais of speeker and rasied slogans against the budget and against the government.
United states has increased the troubles of Pakistan by saying that it will keep an eye on Pakistan to ensure that it will not use IMF to pay Chinese debt.