May 28, Karachi: Government to announce pro-people, pro-business and no budget proposal starting from next year 1st July. The Federal Board of Revenue (FBR) will collect approximately Rs51,00 billion in revenue, which is expected to be a 30% higher collection of Rs3.900 billion in the upcoming fiscal year.
The government is focusing on providing relief to the people and businesses until the situation of Covid-19 is stable. The budget will compensate for the economic loss that Pakistan is facing and will face in the future due to Covid-19.
The taxes will increase to provide relief for people and businesses. The targeted amount is Rs51,00 billion which can be achieved if the economy runs properly but due to lockdown it seems difficult at the moment. The officials say the government will be needing more revenues to spend more on healthcare.
The revenues will increase if we increase tax, no increment on the salary of government employees, and to save the finance budget instead of borrowing it. The economy of Pakistan is going downhill when businesses are not operated properly e.g restaurants, schools, hotels, and wedding halls.
Multi rounds of a budget for businesses in need and supporting program strategies will be needed to avoid a recession in the country. Both fiscal and monetary policies can come together and figure out a way to help out the people of Pakistan.
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