Revenue collection target for FY2020-21 set at Rs4.9 trillion: Hafeez Shaikh

ISLAMABAD: Adviser to Prime Minister on Finance Abdul Hafeez Shaikh on Tuesday said that revenue collection target in the budget for fiscal year 2020-21 is set at Rs 4.9 trillion, ARY NEWS reported.

Addressing a post-budget press conference via video-link, Hafeez Shaikh said that no new taxes have been imposed in the budget. “Instead we have lowered duty on 200 products,” he said.

He said that the country’s exports were stuck during the past five years and witnessed an improvement in the outgoing year.

“International financial institutes have lauded the economic progress made by Pakistan,” the finance adviser said.

Hafeez Shaikh said that exports and foreign remittances have witnessed a decline due to COVID-19 pandemic. He, however said that an improvement in economic situation would be witnessed if the pandemic witnesses a decline.

He further denied any increase in the defence budget for the next fiscal year.

It is pertinent to mention here that Minister for Industries Hammad Azhar presented the much-anticipated budget for the fiscal year 2020-2021 in National Assembly on June 12.

The minister explained in detail, his government’s economic goals and why a certain allocation was made to a particular sector while presenting the budget with a total outlay of Rs7.13 trillion. The major allocations are Rs25.5 billion for health, Rs83.3 billion for education and Rs1.3 trillion for defence.

He said that some of the major achievements of the PTI government in past two years were bringing down the current account deficit to 73 percent, an increase of about 17 percent FBR revenue, 134 percent increase in non-tax revenue and $6billion loan repayment.

He was of the view that due to the government’s economic reforms, rating agency Moody’s upgraded Pakistan’s outlook to stable in December 2019.