President Arif Alvi has signed the Finance Bill 2019-20. The bill was sent to the presidency for validation after approval by the National Assembly on Saturday (June 28). With this, the Finance bill 2019 has come to force.
The National Assembly on Friday (June 28) passed the Finance Bill 2019, giving legal effect to the budgetary proposals for the next fiscal year. The Finance Bill was moved by Minister of State for Finance and Revenue Hammad Azhar. On the occasion, 178 members of the treasury and 147 members of the opposition were present in the house.
The government rejected all amendments proposed by the opposition, after which the budget was approved. Members of the opposition chanted “no, no” as government members flashed victory signs after the budget was passed for the next fiscal year. The opposition members stood on their benches in protest against approval of the Finance Bill while the treasury members were making the victory sign.
The total outlay of the federal budget 2019-20 is 7,022 billion rupees, containing relief for the poor and measures for economic stabilization and fiscal discipline. The FBR tax collection target has been set at 5.5 trillion rupees. The new budget envisages total development outlay of 1,863 billion rupees. The size of federal Public Sector Development Program has been set at 951 billion rupees. Besides, an amount of 912 billion rupees has been allocated for provincial Annual Development Plans.
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17 November, 2019