Islamabad: President Dr. Arif Alvi signed the “Financial Act 2021-22” on Wednesday, which is now the “Financial Act.”
The President has approved the bill.
The 2021-22 finance bill was passed by a majority in the National Assembly on Tuesday.
The total expenditure in the 2021-22 budget is 84,870 crore, which envisages incentives and measures for various sectors to promote business activities and provide relief to the public.
In addition to the 10% increase in pensions, federal employees also received 10% temporary relief. The minimum wage has been raised to 20,000 rupees per month.
The annual PSDP has increased from 630 billion rupees to 900 billion rupees, an increase of 40%. Rs 100 crore has been designated for the construction of hydroelectric dams, including Dasu, Diamer Basha, Mohmand and Neelum Jhelum.
The growth target for the next fiscal year is 4.8% and the tax target is 5,829 billion rupees.
In the next fiscal year, the funding for the Ehsaas program has been increased from Rs 210 billion to Rs 260 billion.
Rs 6,820 crore is earmarked for subsidies, which is Rs 430 crore in the upcoming fiscal year.
The budget provides a zero rating for the export of IT services. Tax deductions of up to 1000CC are granted to locally manufactured cars, as well as various tax exemptions and concessions to encourage the manufacture of electric cars in the country.
Rs 66 crore has been allocated to the Higher Education Commission and Rs 10 crore has been allocated to the Kamyab Jawan project.
The budget also envisages the allocation of 1.1 billion US dollars for the purchase of anti-coronavirus vaccines.