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PM summons budget session of Federal Cabinet

ISLAMABAD: Prime Minister Imran Khan has summoned federal cabinet meeting on Tuesday (tomorrow) for approval of the budget for financial year 2019-20.

The cabinet’s budget session will be held at the Parliament House to discuss and approve the budget.

Prime Minister’s Advisor on Finance, Revenue and Economic Affairs Abdul Hafeez Shaikh will present budget proposals in the cabinet meeting.

Prime Minister Imran Khan had directed his economic team in an earlier meeting to ensure minimum burden on the poor segment of the society. He also urged the officials to prepare a people-friendly budget, which also ensure economic stability of the country.

The Economic Survey of Pakistan for the current fiscal year is being launched today.

The survey will provide an overview of the performance of the national economy, in different sectors during the financial year.

The launching of survey marks the opening of budget related events including its approval by the cabinet and presentation of the federal budget in the National Assembly on Tuesday.

The budget proposals included allocation of funds for action against the owners of benami assets.

A proposal of implementation of presumptive tax offshore assets is also recommended.

The taxation proposals in the new budget will be equal to 1.4 % of the GDP, sources said.

The budget will extend tax relief to the export and manufacturing sector, sources added.

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