ISLAMABAD: Minister of State for Revenue Hammad Azhar presented the budget for fiscal year 2019-20 in National Assembly on Tuesday.
The minister, while presenting the budget, told the National Assembly that the the outlay of the federal budget for FY 2019-20 is proposed to be Rs.7,022billion, which is 30% higherthan the revised outlay of Rs.5,385 billion for the outgoing financial year.
The gross federal revenues have been estimated at Rs.6,717 billion during FY 2019-20 as compared to
Rs.5,661billion budgeted for Financial Year 2019-20, reflecting an increase of 19%.
FBR is expected to generate Rs.5,555billion, reflecting an FBR tax to GDP ratio of 12.6%
d. Out of federal revenue collections, a sum of Rs.3,255 billion will be transferred to the provinces under the 7th NFC Award as compared to Rs.2,465 billion during the current financial year, which means an increase of over 32%.
The net federal revenues are estimated at Rs.3,462 billion during 2019-20 in comparison to the Rs.3,070
billion budgeted in the current year, which indicates an increase of 13%
This is expected to produce a federal budget deficit of Rs.3,560 billion.
Here is the full text of his speech.
