ISLAMABAD: In order to give effect to the budgetary proposals of the federal government for the forthcoming fiscal year, President Dr Arif Alvi on Tuesday accorded assent to the Finance Bill 2020-21, ARY News reported.
The finance bill, passed by National Assembly, received the presidential assent under Article 75 of the constitution.
Earlier on June 29, the National Assembly had passed the Finance Bill 2020-21, giving the go-ahead to the financial proposals for the upcoming financial year.
Read More: National Assembly passes Finance Bill 2020-21
The bill had been moved by Minister for Industries and Production Hammad Azhar.
Speaking in the National Assembly, Minister for Industries and Production Hammad Azhar had said the government presented a tax-free budget and it envisaged relief measures not only for the construction sector but also for the promotion of mobile phone manufacturing and electric vehicles.
He had said it was the first time that the annual development plan carries the biggest allocations for Balochistan and Sindh.
The Minister had clarified that the government had not increased the sales tax or petroleum development levy on petroleum products. He had said fuel prices had been increased keeping in view the upward trend in the international oil market.
