ISLAMABAD: The government unveiled the budget for the fiscal year 2021-22 on Friday, with the outlay kept at Rs8,478 billion, with the tax target set at an ambitious Rs5,829 billion.
So what’s the government’s plan for the next fiscal year? Let’s find out:
Sources of revenue:
The government has set the target of tax revenue at Rs5,829 billion, non-tax revenue Rs2,080 billion, gross revenue receipts Rs7,909 billion, less provincial share Rs3,412 billion, non-revenue receipts 4,497 billion, non-bank borrowing 1,241 billion, net external receipts 1,246 billion, estimated provincial surplus Rs570 billion, bank borrowing Rs681 billion, and privatization proceeds at Rs252 billion.
The current expenditures include interest payments of Rs3,060 billion, pension Rs480 billion, defence services Rs1,370 billion, grants and transfers to provinces and other subsidies Rs1,168 billion, running of civil government Rs479 billion, provision for contingencies and fund Rs25 billion, provision for disaster, emergency, and COVID Rs100 billion, and provision for pay and pension Rs160 billion, while development expenditures include federal Public Sector Development Programme Rs900 billion and net lending Rs64 billion.