Budget 2077/78 Highlights : Budget size 16 trillion

May Mon 2020 02:45:19

1353 views

Budget 2077/78 Highlights : Budget size 16 trillion

The Ministry of Finance is preparing to bring a budget around Rs. 16 trillion.

Sources in the Ministry of Finance claim that the size of the budget will reach Rs 1.5 trillion to Rs 90 billion. Stakeholders have suggested not to bring large budget in case of crisis.

The government is preparing to allocate more budget for employment-generating programs, especially those that create momentum in the economy after the crisis. Under this, the budget of Prime Minister's Employment Program and Prime Minister's Agriculture Modernization Project will be extensively increased and more new employment related programs will come.

Revenue of Rs. 117 billion will be distributed from the Federal Dividend Fund for the Union and the states..

The projected target is to raise revenue of Rs 1.215 trillion in the coming fiscal year.

In Budget more emphasis is being laid on internal resource mobilization, including internal debt, in view of the possible shortfall in external resource mobilization due to the global economic slowdown. For this, tax scope will be increased, effective measures to prevent possible tax leakage, self-declaration and other schemes will be included.

There is also a special tax exemption scheme for infrastructure development and investment promotion, and a fixed term tax exemption scheme for distressed industries, businesses and establishments.

The target is to transfer Rs. 330 billion to the state and local levels for the implementation of federalism, out of which Rs. 120 billion will be transferred to the states and Rs. 129.99 billion to the local levels.

The Constituency Development Fund (Parliamentary Development Fund) will be maintained at the discretion of the parliamentarians in the coming fiscal year as well.

Although civil servants are expected to get their salaries increased this year, Corona has said that their salaries will not be increased in the next budget.