President Dr. Arif Alvi approved the Finance Bill for the financial year 2020-2021. According to details, after the approval of the National Assembly, the finance bill was sent to the President. On Tuesday evening, Dr. Arif Alvi approved the budget for the next financial year.
The President of Pakistan approved it under Article 75 of the Constitution, after which the budget presented by the government will come into force across the country from July 1.
It may be recalled that in the June 29 session of the National Assembly, the Federal Minister for Industries and Production had presented the Finance Bill for the next financial year 2020-2021 in the House for approval, which was passed unanimously.
Addressing the meeting, Azhar said, “The government has presented a tax-free budget. In the next financial year, special relief has been given to the construction sector, local mobile manufacturing, and electric vehicle manufacturing industries.” ۔
He said that for the first time the government has allocated a huge amount of money for development projects in Sindh and Balochistan.
He also said that the government had not increased the sales tax rate on petroleum products, adding that the increase in the global market had led to an increase in the prices of petroleum products.