Finance Division Asks Ministers and Divisions to Finalize their Budget Proposals for FY21-22 - Android

The Finance Division has given a deadline of March 15, 2021, to all ministers and divisions for finalization of their… Read More

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The Finance Division has given a deadline of March 15, 2021, to all ministers and divisions for finalization of their budget estimates, budget proposals including taxation measures and tax relief proposals for the Finance Bill (2021-22).

Through the annual budget circular issued by the Finance Division here on Saturday, Finance Division has issued annual budget circular to all federal ministries and division for the fiscal year 2021-22 budget formulation process and directed all government departments to finalize all activities and actions for the presentation of the budget during the first week of June 2021.

In this connection, the Finance Ministry has issued a budget circular here on Saturday.

The budget circular revealed that the Finance Division would submit Budget Strategy Paper (BSP) to the federal cabinet in the first week of April 2021, and an initial basic ceiling (IBC) for current and development budget would be issued to the ministries and division in the third week of April 2021.

The budget circular stated that the Annual Plan Coordination Committee (APCC) to finalize the development outlay for the next fiscal year has been scheduled to be held jointly by the Planning Division and the Finance Division in April 2021, and the National Economic Council meeting has also been scheduled in April 2021.

Budget order/new item statement forms for the current budget would be submitted by the principal accounting officers from 26th April to 13th May 2021 and the date for submission of budget order/new items statement by ministries and division for development budget has been set from 10th May to 21st May 2021.

Under the budget circular, the Finance Division is responsible for the completion of all the budget documents, schedules and summaries for the cabinet etc end of May 2021, and the presentation of the budget to the cabinet in the first week of June 2021, ahead of the presentation to the parliament.

Finance Ministry stated that the budget-making process will commence with the formulation of budget strategy paper for the next fiscal year in the second week of March 2021, on the basis of submission of budget estimates for the fiscal year 2021-22 of federal government receipts as well as revised estimates for the ongoing fiscal year by the principal accounting officers and budget proposals relating to tax and non-tax revenues for inclusion in Finance Bill 2021-22.

The principal accounting officers would be required to submit budget estimates for current and development expenditures on March 15, 2021, and the demand review committee’s meeting, if required, would be held in the Finance Division, in the first week of April 2021. Ministry of Finance added.

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