Budget 2021-22 Presented in National Assembly
According to media reports, Finance Minister Shaukat Tareen submitted a growth-oriented budget with an expenditure of PKR 8,400 billion to the National Assembly in Islamabad.
The most important aspects of the budget for 2021-22 are as follows:
- PKR 244 billion for Gwadar airport and roads.
- 20 Pakistani Rupees towards the development of south Balochistan
- 47 billion Pak Rupees for Gilgit-Baltistan
- 60 billion Pak rupees for Azad Jammu & Kashmir
- PKR 739 for Karachi redevelopment plan
- PKR 12 million for agriculture
- 260 billion Pakistan Rupees for the Ehsaas programme
- The budget for public sector development programmes has been boosted by 40% to PKR 900 billion. The funds will be used for projects such as water distribution, road infrastructure, special economic zones, and climate change mitigation.
- 14 billion Pakistani rupees for the Neelum-Jhepal hydroelectric facility
- 118 billion Pakistani rupees for energy and power
- PKR 25 billion for Sindh’s minor dams
- 23 billion rupees for the Diamer and Bhasha dams
- PKR 10b for Kamyab Naujawan programme
- 22 billion Pakistani rupees for the Jamshoro coal plant
- 16 billion Pakistani rupees for the KI, KII, and Tarbela power plant
- 54 billion Pakistani rupees towards the development of KP’s amalgamated districts.
- 14 billion Pakistani rupees for tree planting programmes and combating climate warming
- 100 billion PKR for special development packages for impoverished city development
- PKR 1.1 billion for the acquisition of coronavirus vaccines in order to reach the goal of immunising 100 million individuals by June 2022.
- 100 billion Pakistani rupees for a covid-19 emergency fund
- 66 billion Pakistani rupees for HEC and education programmes
- 12 billion Pak rupees for SME support packages
- Other notable aspects include:
- Minimum pay is PKR 20,000 per month.
- No new salary-based taxes.
- The pension will rise by 10%.
- The integrated allowance for officers in grades 1 through 5 would increase from PKR 450 to PKR 900.
- Government employees’ salaries will increase by 10%.
- In the country, special technology zones will be established. In these zones, plants, machinery, and other equipment will be exempt from taxation.
- FBR will create specialised retail cells to accommodate customers.
- To take action against those who annoy taxpayers. Government will employ tax machinery against people who do not pay or file taxes.
- Reduced withholding tax by 40%. No taxes will be withheld on banking transactions, margin financing, air transport services, debit card and credit card transactions, or the discovery of minerals.
- The mobile phone withholding tax will be cut by 10%, then to 8%.
- The capital gains tax has been cut from 15% to 12.5%.
- No federal excise tax is imposed on domestically manufactured 850cc automobiles.
- The sales tax on locally produced automobiles was decreased from 17% to 12.2%.
- The sales tax on domestically manufactured electric vehicles has been cut from 17% to 1%.
- Certain domestically built heavy motorcycles are exempt from taxes.
- No import duties on books and periodicals.
- There are no Customs duties on animal immunisations.
- To aid the tourism industry, raw materials utilised by the industry will be exempt from customs duties or discounted.
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