Budget 2020-21 Pakistan | Salary and Pension Increase Latest News | Bugdet 2020 21 Latest News
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The federal budget for the financial year 2020-21 is expected to increase the salaries and pensions of government employees by 20%. According to the details, the salaries of government employees are likely to increase by 20% in the budget for the next financial year and the pensions of retired government employees. 20% increase is expected. According to the report of Jang newspaper, various proposals to increase the salaries of government employees are under consideration in the Ministry of Finance.
Initially, various proposals were made to increase the salaries from 20% to 50%, but due to the economic situation in the country, a 20% increase in the salaries of government employees is being considered. It is also learned that the pensions of retired government employees It is expected to increase by 20%
According to sources, the target for tax revenue is likely to be Rs 5,100 billion, no new tax will be imposed in the budget for the next financial year, the tax collection system will be improved. According to sources, the inflation rate target is set at 8.4 per cent and the fiscal deficit target at 5.8 per cent. It is estimated that next year too there will be huge financial support from international financial institutions It is proposed to set a target of ارب 4.6 billion for the current account deficit. It is proposed to allocate Rs. 1402 billion for the defense budget next year. Rs. 495 billion is likely to be allocated for running government affairs.
According to sources, incentives will be provided for agriculture, IT construction and industrial sectors. According to FBR sources, reduction in duties on about 2,000 imported items is proposed, while customs, excise, regulatory and additional customs duties are expected to be reduced by 2 to 3 per cent.
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