According to the National Economic Survey Report, in the first nine months of the financial year 2019-20, government debt has increased by Rs 2,500 billion and total government, debt has reached Rs 35,207 billion.
According to the National Economic Survey Report, by March 2020, local government debt increased to Rs 22,478 billion, while foreign debt increased by Rs 12,729 billion.
According to the report, the government’s domestic debt has increased by Rs 1,746 billion this financial year, while the government’s foreign debt has increased by Rs 753 billion this financial year.
The report revealed that the government has given tax exemption of Rs 1149.95 billion this year and the Federal Board of Revenue (FBR) has given income tax exemption of Rs 378 billion this year.
Rs 518 billion was waived in terms of sales tax and Rs 253 billion in terms of customs duty while Rs 45 billion was waived in terms of customs duty under free and preferential trade agreements.
In the case of the China-Pakistan Economic Corridor Project (C-Pac), E&P companies and automobiles were exempted from customs duty of Rs 95.42 billion, besides sales tax exemption of Rs 255.84 billion on imports.
It may be recalled that the government has released the Economic Survey Report, according to which the economic growth rate has been negative 0.4 percent in the current financial year.
According to the Economic Survey Report, the size of Pakistan’s economy will be reduced from 28 283 billion to 26 263.54 billion this fiscal year.