BREAKDOWN: How will Budget 2021 affect your lives?

See details here!

The Finance Minister, Shaukat Tarin, revealed the budget 2021-22 on Friday. The total expenditure of the budget had been kept at PKR 8,478 billion and had set the tax collection target at PKR 5,829 billion.

Pension

Pensioners will get a 10% raise. Integrated allowance for Grade 1-5 has been increased from PKR 450 to PKR 900.

Defense budget

Tarin said the defense budget of the country had been allocated at PKR 1,370bn while the government had designated PKR 1,168 bn for development and non-development grants for all provinces.

Subsidies

The government had allocated PKR 682bn for subsidies to multiple sectors of the economy, continuing that PKR 479bn had been allocated to administer the civil government.

Coronavirus

The government was serious in stemming the spread of the coronavirus and keeping its adverse effects at bay, adding that the government had set aside PKR 100bn for it. He stated that the government decided to reserve $1.1bn to procure coronavirus vaccines, continuing that it intended to vaccinate 100mn people by July 2022.

Ehsaas Emergency Cash Program

“The government, through the Ehsaas Emergency Cash Program, provided cash to 12mn people across the country,” he said. The finance minister announced that the government had set aside PKR 260bn for the Ehsaas program in the budget.

Budget 2021 at a glance

budget 2021

Remittances

Tarin said remittances had increased in Pakistan to record levels. These are expected to rise to $29bn by the end of June. “This is proof of the love that overseas Pakistanis harbor for Prime Minister Imran Khan,” he said.

Tax Collection

Speaking about tax collection, The Minister said it had risen by 18% and had passed PKR 4,000bn, adding that critics had no answer to the government’s extraordinary performance in this regard.

Climate change

Shaukat Tarin said that Pakistan is one of the ten countries most affected by climate change. Highlighting the PM’s vision of planting trees, he said, PKR 14 billion have been allocated for the government’s vision of “One Billion Tree Tsunami.”

Moreover, PKR 118 billion have been allotted under the PSDP for social uplift. Non-tax revenues to rise by 22% during FY22, meanwhile federal expenditures to increase 15%. Under the budget, $1.1 billion have been allocated for vaccine import.

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