Education

Budget 2019-20: Pakistani government sets Rs. 45 Billion aside for Higher Education

According to the budget planning of the upcoming year, the Pakistani government has allocated a fund of Rs. 28 Billion for the education sector.

The annual government budget for the fiscal year 2019-20 has been announced by the Pakistani government. The budget was presented in the afternoon session of the National Assembly on Tuesday. This was the first ever budget presented by the ruling political party, Pakistan Tehreek-e-Insaf, and was announced by the Minister of State for Revenues Hammad Azhar.

Let’s take a brief look at the different education and research sector budgets and how the amount is distributed. From the total budget of PKR 7,022 billion, the government has set Rs. 951 billion for the federal public sector development budget. The government has also allocated a budget of Rs. 43 Billion for higher education expenditure against the Rs. 46.7 billion HEC fund from last year, indicating a decrease. The development budget entailed Rs. 28 Billion for the general education sector while a dedicated Rs. 43 Billion fund has been allocated to the science and technology sector.

 

The government has also announced a Tax rebate scheme for employers hiring fresh graduates. The tax credit will benefit employers who will be hiring fresh graduates of HEC-approved universities and institutes. The tax rebate will be calculated with respect to the yearly incomes paid to the fresh graduates of the year 2017 and onwards.

As far as the other details of the budget are concerned, the government has presented a total budget outlay of Rs 7,022 Billion, showing an increase of 30% from last year. The current expenditures have been set at Rs 6,192 billion. The government hasn’t increased the general sales tax on goods and it would remain at 17 percent. The government has also removed the value-added tax on the import of mobile phones which was previously set at 3%.

The article would be updated as more information is made available.

Sponsored
Muneeb Ahmad

I love to talk about global tech-happenings, startups, industry, education and economy. Get in touch: muneeb@techjuice.pk.

Leave a Comment
Share
Published by
Muneeb Ahmad

Recent Posts

WhatsApp Beta Partners with Google for Innovative Image Search Feature

When it comes to Android messaging apps, WhatsApp stands out as one of the best.…

34 mins ago

Farrukh Sabzwari Appointed as CEO of PSX, Set to Serve for Three Years

Farrukh H. Sabzwari has been appointed Chief Executive Officer (CEO) of Pakistan Stock Exchange Company…

1 hour ago

250 Government Schools to Be Run by Private Sector

RAWALPINDI: The chairman of the Punjab Education Foundation, Malik Shoaib Awan, stated on Monday that…

3 hours ago

Pakistan Launches First National Sex Offenders Register to Combat Sexual Violence

Pakistan has taken a significant step towards addressing sexual violence and abuse with the introduction…

3 hours ago

SBP Chief Reports October Remittances Exceed $3 Billion

KARACHI: The State Bank of Pakistan (SBP) is anticipating $500 million from the Asian Development…

3 hours ago

Sindh Assembly Reveals 28,500 Govt Employees’ Spouses as Illegal BISP Beneficiaries

The Sindh Assembly was informed that over 28,500 employees of the provincial government were unlawfully…

4 hours ago