Finance Minister of Pakistan, Ishaq Dar, has presented the Budget in NA today. The minister started the budget speech with the brief growth story of how the government has achieved its target in the past four years.
In the opening speech, Finance Minister said, “This is the fifth budget being presented by the PML-N government, and this is an achievement for democracy”.
The Finance Minister spoke at length about the Pakistan Economic Survey, released yesterday, using data included in the report to substantiate the government’s ‘economic turnaround’ narrative.
Ishaq Dar has said that the development expenditure of Rs. 1.001 trillion has been allocated for the next year. Additionally, he announced that the minimum wage to be Rs. 15,000.
The government has announced tax breaks for Information Technology, Small and Medium Businesses and Agriculture sector. Owing to these tax breaks, these sectors will be able to flourish and help the economy of Pakistan.
Technology companies and startups will be exempted from sales tax for the first three years of their establishment. IT exports happening from Gilgit and FATA will be exempted from sales tax as well.
The Federal Board Revenue is estimated to increase by 14% in the next year.
While presenting the budget in the National Assembly, Ishaq Dar also mentioned that the government also has allocated funds for giving 50,000 PKR loan for setting up new businesses. Small and Medium business will have easy access to loans and Rs. 3.5 billion has been set aside for that.
Finance Minister has also said in his budget speech that the Foreign exchange reserve of the country has increased immensely, and the load-shedding in the country has reduced to a negligible level.