ISLAMABAD: Finance Minister Ishad Dar will present the Federal Budget with an outlay of about 4.7 trillion rupees for the next fiscal year in the National Assembly today (Friday).
Finance Minister, Senator Mohammad Ishaq Dar would lay budget proposals for the Financial Year 2015-16 for the third time in the house on Friday afternoon. These budget proposals would first be presented for approval before the Federal Cabinet in its special session to be chaired by Prime Minister Nawaz Sharif.
The upcoming national budget envisages revival of economy, overcoming challenges at economic front particularly resolving the energy crisis and reducing non-development expenditures and providing relief to the masses besides promoting investment and people friendly policies for the socio economic prosperity of the country.
One of the biggest challenges facing the government will be to broaden the tax base in a country where only about one in 200 citizens files income tax, leaving the state having to ask donors to fund crumbling schools and hospitals.
With many legislators, ministers and businessmen believed to evade taxes, mustering the political will to push through reform could prove difficult.
Nevertheless, Pakistan’s Federal Board of Revenue has targeted a 19 percent increase in tax receipts to 3,200 billion rupees for 2015/16.
Defence spending next year will be set at 772 billion rupees, including 45-50 billion for the operation, an increase of 10 percent over 2014/15.
The PML-N government has also planned to allocated Rs 1500 billion for Public Sector Development Programme.