LAHORE: Punjab Minister for Industry and Commerce Aslam Iqbal has said that the Punjab Employment Revolutionary Scheme will be launched this month, application processing fee of Rs 2,000 and loan approval in 20 days.
According to details, a meeting of Small Industries Corporation was held under the chairmanship of Punjab Minister for Industry and Commerce Aslam Iqbal in which the features and rules and regulations of Punjab Employment Scheme were approved while 15,000 honorarium was awarded for a private member to attend a meeting. Also approved.
The Punjab Minister for Industry and Commerce said that the Punjab Employment Revolutionary Scheme would be launched this month, the application processing fee would be Rs 2,000 and the loan would be sanctioned in 20 days while the repayment period would be 2 to 5 years while the grace period would be 6 months.
Aslam Iqbal said that a scheme is being introduced to increase economic and business activities, under which an easy loan of up to Rs. 10 million can be obtained.
Usman Bazdar said that loans would be provided to new entrepreneurs for existing businesses, loans up to Rs 10 million could be taken under the scheme and eunuchs would also be able to avail the loan scheme while the mark-up for women has been kept low.
The Punjab Chief Minister while instructing to launch the Punjab Employment Scheme in the twentieth month had said that businesses affected due to Corona are now giving relief.
KARACHI: Finance Advisor Abdul Hafeez Sheikh has said that providing a conducive environment for investors in the country is the top priority of the government. According to details, speaking at the Pakistan Stock Exchange in Karachi this morning, Finance Advisor Hafeez Sheikh said that Pakistan Stock Exchange is the fourth largest market in the world in terms of performance, no country can develop without trade and investment with other countries. Economic indicators have turned positive due to government policies and we will work together to improve the economy. The issuance of 200 billion sukuk bonds is a big step forward. “We want to give autonomy to the institutions. The budget has been increased despite the reduction in government expenditure,” he said. The government is subsidizing electricity, gas, tube wells and fertilizers. Ninety percent of gas consumers are being offered discounts on conventions. The financial adviser has asked the business community to find new markets for their products and use innovative ways to grow their business. He said that in case of non-refund of sales tax within 72 hours, the business community should contact him. Earlier, the Finance Advisor inaugurated the first trading day of the week on the Pakistan Stock Exchange.
According to the details, the SBP said that under the Coveted Nineteen Active Response and Expenditure Support Program, Pakistan has received ارب 1 billion from international financial institutions, کروڑ 50 million from the Asian Development Bank and کروڑ 50 million from the World Bank.
It may be recalled that the World Bank, Asian Development Bank and Asian Infrastructure Development Bank had agreed to provide ڈی 1.5 billion to Pakistan to overcome the damage caused to the economy by the lockdown during the ongoing Corona epidemic in the country.
In April, Pakistan received ارب 1.39 billion from the International Monetary Fund (IMF) under the Rapid Finance Instrument.
The statement said Corona’s economic impact would be felt in the current uncertainty, with the help of the IMF, international reserves would improve and the budget would be financed to increase temporary spending.
Tobacco is 20% more expensive Fabric is 10.34% more expensive Shoes are 10.34% more expensive The volume of the new budget is set at Rs 7,294 billion. The available financial resources were estimated at Rs 8,314 billion. Auto rickshaw eliminates advance tax on motorcycle rickshaws and 200 cc motorcycles. 70 billion relief was given in petroleum products The limit for purchases made without ID cards has been increased from Rs 50,000 to Rs 1 lakh. Tax increase on double cabin and SUV vehicles. Reduction in tax on mobile phones manufactured in Pakistan. Excise duty on imported cigarette batteries and cigar prices increased from 65% to 100% Abolish import tax on baby supplements and diet foods. The amount of artist fund for financial support of artists has been increased from Rs 250 million to Rs 1 billion. SBP has reduced the policy rate from 13.25% to 8%. The ongoing financial account deficit for the year decreased by 73%. The trade deficit fell from 21 21 billion to ارب 9 billion. In the first 9 months of the financial year, FBR revenue increased by 17%. External loans of 6 6 billion were repaid. 5000 billion interest on past loans Overseas job opportunities were created for 1 million Pakistanis. Moody’s boosted our economy. Target to collect revenue of Rs. 1600 billion in the next financial year. The IMF has approved a ف 6 billion fund feasibility. 820,000 fake people were removed from the Ehsas program. Pakistan’s business rankings rose from 136 to 108 The Corona epidemic has dealt a severe blow to the Pakistani economy. GDP growth rate and investment hurt GDP declined by Rs 3390 billion. GDP growth slowed to minus 0.4 percent from 3.3 percent. The overall budget deficit of GDP increased from 7.1% to 9.1%. Federal revenue tax collection decreased by Rs 102 billion. 96 billion for 3 months for small business at 4% lower interest. There is no new tax in the budget. The realization program will continue The budget allocation for the Ehsas program has been increased from Rs 187 billion to Rs 208 billion. A subsidy of Rs 180 billion has been fixed for energy, food and other sectors. The allocation of HEC has been increased from Rs 60 billion to Rs 64 billion. Rs 30 billion will be provided to New Pakistan Housing Authority. Rs 55 billion for Azad Jammu and Kashmir and Rs 32 billion for Gilgit-Baltistan. Rs 56 billion allocated for integrated districts of Khyber Pakhtunkhwa Special grant of more than Rs. 19 billion to Sindh and Rs. 10 billion to Balochistan.
Rs 40 billion allocated for railways 2 billion allocated for successful youth program Rs 14 billion allocated for federally run hospitals in Lahore and Karachi 10 billion allocated for relief and prevention of locust heart in the agricultural sector Target to increase GDP growth from negative 0.4 to 2.1% Current account deficit will be limited to 4.4%. Inflation will be reduced from 9.1% to 6.5%. Foreign investment will be increased by 25%. The total federal and provincial development expenditure is Rs. 1,324 billion. Rs 650 billion allocated for public sector The allocation for social sectors has been increased from Rs. 206 billion to Rs. 250 billion. 80 billion allocated for electricity demand and production Rs 70 billion allocated for water sector Rs 118 billion allocated for NHA and C-Pack projects Rs 24 billion allocated for other railway projects Rs 37 billion has been set aside for communication projects An amount of Rs. 20 billion has been allocated for the manufacture of health and medical equipment Establishment of smart schools in the education sector Rs. 5 billion allocated for uniform curriculum Rs 30 billion allocated for innovation and development in education. Rs 6 billion allocated for tackling climate change Azad Kashmir allocates Rs 40 billion for development funds in Gilgit-Baltistan Rs 12 billion allocated for SDP goals Rs 2 billion allocated for rehabilitation assistance to Afghanistan. The hotel tax rate has been reduced from 1.6% to 0.17% by September. FBR target reduced to Rs 3,900 billion due to Corona epidemic
Domestic tax revenues increased by 27%. Eliminate import tax on cancer diagnostic kits. FED on energy drinks increased from 13% to 25%. Tax on imports of raw materials for medium and small manufacturers has been reduced from 5% to 2%. The rate of tax on machinery imports has been reduced from 5.5 per cent to 1 per cent.
According to details, Federal Minister for Industries and Production Hamad Azhar presented a budget of Rs 72.94 trillion for the next financial year 2020-2021, which is 11 percent less than the previous financial year.
The government has reduced the price of milk, curd, cheese, butter and ghee in the budget, while rice, fruits, nuts, fish, poultry, eggs, honey, coffee and sweets have been given tax exemption.
Similarly, relief has been given to vegetables, oil, spices, sugar, soybeans, power supply of LED lights and sales tax on lenses has been abolished. It has been proposed to reduce maternal and child food supplements.
The budget has reduced taxes on projectors, household electric appliances, paper, wallpaper, sports equipment, agricultural equipment, fertilizers, rubber, air travel, computer and office equipment.
According to Federal Minister Hamad Azhar, permission has been given to make mobile phones in Pakistan. The sales tax rate for making mobile phones in Pakistan is being reduced.
Presenting budget proposals, Hamad Azhar said that advance tax on autorickshaw motorcycle rickshaws up to 200 cc has been abolished.
Increase in tax duty
In the budget for the financial year 2020-21, the FED rate on imported cigarettes will be increased from 65% to 100% while the rate of FED on e-cigarette filter rods is also being increased.
Caffeinated energy drinks are subject to 25% federal excise duty, locally manufactured double cabins are subject to 7.5% federal excise duty and imported double cabins are subject to 25% federal excise duty.
The PTI government today presented the budget for the next financial year 2020-21. Federal Minister for Industry Hamad Azhar presented the budget for the next financial year in the National Assembly. Prime Minister Imran Khan was also present in the House on the occasion. The total volume of the federal budget has been kept at Rs 7,295 billion which is 11% less than the financial year 2019-20 while it is facing a deficit of Rs 3,437 billion. Before the budget speech, Hamad Azhar said that the budget deficit inherited from the economic crisis had reached the peak of 23 2300 billion, while the current account deficit was at the peak of 20 20 billion. The debt of the SBP had reached an extreme level of Rs 1,200 billion. No steps were taken by the previous governments to curb money laundering, as a result of which we were included in the gray list of the FATF. Billions of dollars were left which brought the country close to bankruptcy. When the government took over, it became difficult for us to pay the interest. Our government paid 5,000 billion rupees in interest which we had to pay due to previous governments. Debt repayment
Hammad Azhar said that during the next financial year 020-21, the fiscal deficit will be 7% of GDP. Billions of rupees will be borrowed from long-term and 184 billion rupees from short-term external sources. Rs 1,413 billion will be set aside for interest payments on loans.
During the budget speech, Federal Minister for Industry Hamad Azhar said that a package of more than Rs 1,200 billion has been approved for the eradication of Corona virus, Rs 71 billion has been allocated for the purchase of medical equipment and Rs 150 billion for poor families. Have gone
No new taxes
During the budget speech, Federal Minister for Industry Hamad Azhar said that in the current budget, it is proposed to increase the sales tax for shopkeepers from 14 to 12 percent. No new tax has been imposed in the budget to provide relief to the people. Among the priorities, in the budget for the next financial year, it has been proposed to increase the limit of purchase without ID card from Rs 50,000 to Rs 100,000.
Federal Minister Hamad Azhar said that Rs 12.89 trillion has been set aside for the defense sector in the budget for the next financial year.
Federal Minister Hamad Azhar said that the government is committed to the principles of austerity. 13 billion has been allocated for Lahore federal and Karachi hospitals. 10 billion has been allocated for agriculture relief and 80 billion has been allocated for improving the power transmission system. While Rs 6 billion has been allocated for climate change.
During the budget speech, Federal Minister for Industry Hamad Azhar said that the target of FBR for the next financial year has been set at Rs 4,963 billion. The target is Rs 2,920 billion. Rs 640 billion will be collected in the form of customs duties. Rs 1,919 billion will be collected in the form of sales tax. Rs 361 billion will be collected in the form of federal excise duty next financial year. ۔ Stopped borrowing from SBP: During the budget speech, Federal Minister for Industry Hamad Azhar said that foreign investment has reached 2. 2.15 billion. The IMF has offered an extended loan of 6 6 billion. Our government has stopped taking loans from the State Bank for budget financing. Percentage reduced. At the beginning of the financial year, the gross deficit decreased. In the first nine months, the FBR’s revenue increased. The cooperation of the people is needed to achieve the desired targets.
Decision not to increase salaries and pensions
During the budget speech, Federal Minister for Industry Hamad Azhar said that it has been decided not to increase the salaries and pensions of government employees. The salaries of government employees and pensions of retired employees will remain the same as last year.
The noise of the opposition
On the other hand, during the budget session, the opposition made a fuss and also carried placards of Chinese thieves while the opposition members stood on their seats and protested.
According to details, Finance Advisor Abdul Hafeez Sheikh while addressing a news conference on Economic Survey said that our foreign exchange has decreased to 8. 8.9 billion due to keeping the dollar cheap but exports have increased but our expenditure has been more than our income this financial year.
The finance adviser said that our priority is to increase resources. The government decided to take steps to increase taxes while facilitating the provision of gas, electricity and loans to the business sector.
The current account deficit of 20 20 billion was reduced to 3 3 billion Abdul Hafeez Sheikh said that we have taken the economy out of danger. We have reduced the current account deficit of ارب 20 billion to 3 3 billion. New loans of Rs. 5,000 billion have been taken to repay old debts and for the first time in the history of the country. The higher the income, the lower the expenses.
He thanked General Bajwa for freezing the army budget He said that the balance of the budget was positive for the first time. He thanked General Bajwa for freezing the budget of the Army. No loan was taken from the SBP during one year and no supplementary funds were paid to any institution during that period.
The Finance Adviser said that this year the dependence on external funds has been reduced, taxes have been increased, expenditure has been reduced while imports have been reduced to ensure supply of dollars. Abdul Hafeez Sheikh said that providing facilities to export sectors is the priority of the government, increase in taxes, reduction in expenditure, repayment of external loans is a priority. Rs 701 billion has been spent for PSDP while Rs 192 billion has been set aside for social safety net.
He said that Rs. 2.5 crore would be provided to the private sector for development programs.
National income and tax collection The financial adviser said that economic activities were badly affected due to Corona and it is difficult to estimate the losses. Corona caused a loss of 3.5 to 3.5% in the national income. Tax collection has reached Rs 3,900 billion. There was a decrease of Rs. 800 billion.
Government relief package Abdul Hafeez Sheikh said that the government has given two types of relief packages. The government has given a relief package of Rs. 1,240 billion and has provided easy loans to small businesses to save from losses. The money is being provided while 10 million families have been given financial assistance so far. 100 million Pakistanis will benefit from the provision of financial assistance.
Improvements in the agricultural sector He said that wheat worth Rs. 280 billion was procured, double amount was provided for procurement of wheat in the current financial year, additional amount was provided for the improvement of agriculture sector and government introduced a scheme of Rs. 50 billion for small business loans. Will provide
Discount for low-income people through utility stores The finance adviser said that relief was provided to low-income people through utility stores and up to 15 per cent discount was given through utility stores during Ramadan.
Abdul Hafeez Sheikh said that Rs. 30 billion has been earmarked for housing scheme for low income people. In the housing scheme, tax concessions have been given to low income people. Up to 90 percent tax exemption has been given to low income people. Directed.
Proposal to provide funds for social sector development He said that the transport and communication sector has also limited the fiscal deficit of GDP affected by Corona while it is proposed to provide funds for the development of social sector. Due to Corona’s situation, taxes will be reduced. Sectors will be given tax concessions.
The Finance Adviser further said that efforts will be made not to impose new taxes in the next budget. No final opinion can be given on economic indicators. Exports have increased during the last one month. Last year’s tax revenue target was higher than expected.
According to details, Pakistan has persuaded the IMF to increase salaries and pensions. It has also agreed not to increase electricity and gas prices till October.
According to Pakistani sources, the third round of budget talks between Pakistan and the IMF took place in Islamabad.
In which Pakistan has persuaded the IMF to increase salaries and pensions, the IMF has agreed that electricity and gas prices will not be increased until October this year.
The IMF has said that there will be no increase in electricity and gas prices till October. In the talks, alternative income has also been agreed to control the budget deficit. The IMF has been assured that Pakistan will increase non-tax revenue.
Sources said that the IMF will keep the conditions soft till September 30. It has also been assured that the federal government will continue to freeze the loan from the SBP.
Pakistan will adhere to the existing loan program Pakistan has assured the IMF that most of the terms of the loan program will be met after October.
According to the details, the data of the Bureau of Statistics states that in May 2020, the inflation rate increased to 0.42%. In the first 11 months of the current financial year, the inflation rate has increased to 11.32%.
According to the statistics agency, the inflation rate in May 2020 was 9.07 percent as compared to May 2019. The prices of various items have increased dramatically during Ramadan.
Inflation rises last week
In one month, chicken became 41.46 per cent more expensive, 31 fruits became 9.72 per cent more expensive. Similarly, milk became 4.63 per cent more expensive.
According to the statistics, in May, motor fuel, 13 tomatoes, 8 and pulses became cheaper by 4 to 7 per cent.
In one year, gas prices went up by 55%, vegetables by 21%, sugar by 20% and eggs by 19%. In the same year, tomatoes became cheaper by 39%, onions by 21%, motor fuel by 19% and vegetables by 4%.
According to details, the federal budget for the next financial year will be presented on June 12. Prime Minister Imran Khan has approved to present the federal budget on June 12. Sources said that the finance ministry has banned officials from leaving the capital while Corona has decided to reduce budget targets because of the damage to the economy.
Relevant officials of the Ministry of Finance will not be able to go home during the Eid holidays.
It may be recalled that Dr. Abdul Hafeez Sheikh had said that they are preparing a new budget keeping in view the current situation. The government will discuss the parties and consider their suggestions. They want to eliminate the shortcomings in the tax collection system. Concrete steps have been taken to end the crisis.
Earlier, an important meeting was held under the chairmanship of Hafeez Sheikh, Finance Advisor on Budget Outlook. The meeting at the Ministry of Finance discussed budget matters for the new financial year and the impact of the Corona epidemic.
The Finance Adviser said that in view of the impact on the economy, financial responsibility has to be exercised. All the Ministries and Departments have to come up with new budget proposals keeping in view the impact on the economy.
The Finance Adviser directed the Federal Departments and Ministries to reduce the expenditure and said that the surplus funds would be shifted towards Corona related needs and social security.