ISLAMABAD: Prime Minister Imran Khan on Friday chaired a special session of the federal cabinet on to discuss the fiscal year 2019-20 budget
During the meeting, the federal cabinet has approved the budgetary proposals for the next fiscal year. Finance advisor Hafeez Sheikh briefed the cabinet on budget expenditure, revenue target, budget deficit, and relief package.
Later, the prime minister left for Lahore one day ahead of schedule where he will chair an important meeting on the COVID-19 situation in the Punjab province.
The meeting will deliberate over a letter written by the World Health Organisation (WHO) to Punjab Health department regarding the surge in the number of coronavirus cases. The prime minister will be briefed regarding the ease in lockdown restriction and SOPs.
Punjab Chief Minister Usman Buzdar will also brief the premier on the provincial budget for the fiscal year 2020-21. The performance report of Punjab government will be presented to the prime minister during the meeting.
It is to be noted here that the federal government had decided to present a tax-free budget for the fiscal year 2020-21. The government will curtail its expenditures and will not increase the pension of the retired government employees.
International Monetary Fund (IMF) has also emphasised to set Rs5,100 billion tax collection target for the fiscal year 2020-20 while the Finance Division proposed to set a target of Rs4,600 billion.
Moreover, the business community leaders had asked the federal government to reduce taxes in the upcoming budget for the year.
A session with business community leaders gave suggestions to expedite business activities and create ease of business. The traders also urged the government to create better business opportunities in the next budget, adding that the Federal Bureau of Revenue should issue tax refunds of traders.
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