Fiscal year budget for next fiscal year in Pakistan.

Byline: Ashley

Pakistan announces fiscal year budget for next fiscal year, setting an additional income target of 1.4 trillion rupees.

The Pakistani cabinet decided on May 28 that it will announce its upcoming fiscal year budget on June 11 and set an additional income target of 1.4 trillion rupees.

It is reported that Pakistan has recently signed a Memorandum of Understanding (MoU) on sharing legal aid with the United Kingdom to share information on assets owned by Pakistanis in the UK.

Dr. Firdous Ashiq Awan, Special Assistant to the Prime Minister's Information, said at the press conference that the Cabinet had a two-and-a-half-hour detailed discussion of the 2019-2020 budget.

She said that according to the tax reform, the cabinet approved an additional income target of 1.4 trillion rupees. According to reports, with an additional income of Rs 1.4 trillion, the country's additional taxes will exceed Rs 7,000 crore.

Awang explained that only a few hundreds of thousands of the 55.5 million bank account holders in the country have paid taxes. Similarly, of the more than 100,000 companies have registered with the Securities and Exchange Commission of Pakistan (SECP), only 300 have shown tax.

Awang said that financial adviser Hafeez Shaikh and his team at the meeting proposed the budget strategy expected by the Justice Movement Party (PTI) government, and the budget is ready to lead the economy on a stable path.

Awang added: "Reducing public debt is our top priority. Secondly, we will stabilize the economy, reduce imports for managing external deficits, reduce fiscal deficits through income mobilization and expenditure control, and the government will try to protect vulnerable groups in the budget.

"She said that the government's goal is to create a platform for economic growth. Only economic growth will increase employment opportunities.

She added that most of the budget will flow to the provinces and the federal government will have less room to operate.

She also said that the design and implementation of the economic team stabilized the value of the rupee. Positive signals have begun to take shape, and the stock exchange has made positive contributions to this and created new records.

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