The National Assembly of Pakistan on Tuesday approved the Finance Bill 2021-2022 with majority of votes.
Prime Minister Imran Khan and other members of the National Assembly also attended the National Assembly session to vote on budget 2021-2022. There were 172 votes in favor of the Finance Bill while 138 members of National Assembly opposed it.
During budget speech, Finance Minister Shaukat Tarin said the targets set in the budget 2021-2022 are achievable. According to Finance Minister, the core inflation is at seven percent. He admitted that the prices of grocery items increased because the agriculture sector disregarded in the past. He said we have plain to spend sixty-two billion rupees for the boost of agriculture sector of the economy, he added.
Finance Minister said that we are granting tax exemptions worth billions of rupees to this sector on fertilizers and pesticides. He emphasized that the provincial governments are also spending on the agriculture sector.
Shaukat Tarin said we have to increase the tax to GDP ratio to twenty percent moving the country forward on the economic forefront. He said we do not trust in harassment but strict action will be taken against willful tax defaulters.
He further informed that we are trying to expand the tax net. For Ehsaas Program, he said Rs. 260 billion proposed for the financial grants in the next financial year 2021-2022.
Budget Speech | Budget Session | Shaukat Tarin | Finance Minister | Financial Year 2021-2022 | Budget Passed | Budget Approved | PTI Government |