The federal cabinet on Tuesday approved the federal budget for the year 2014-15, with a total outlay of Rs3.945 trillion, and a Public Sector Development Programme allocated at Rs525billion.
Finance Minister Ishaq Dar is presenting the budget on the floor of the National Assembly.
A total of Rs. 937.327 million allocated for defence production division for development schemes.
The budget proposes 5 per cent additional tax for those who did not submit their tax returns last year.
Rs.2.26 billion allocated for ongoing and new schemes of the Defence Division under the Public Sector Development Programme (PSDP) for the year 2014-15.
The new federal budget proposes 7.5 per cent “Advance Tax” on electricity bills above Rs100,000 to discourage excess consumption and conserve energy.
Dar says Benazir Income Support Fund was Rs40billion during previous govt’s tenure. PML-N govt increased it to Rs75billion last year, and is now increasing it to Rs118billion. BISP will now reach out to 5.3 million people, up 29 per cent.
3 per cent tax to be levied on sale of first-class airline tickets.
1 per cent reduction in taxes on telecommunications. Telecom tax to be brought down from 19.5 percent to 18.5 percent.
Five per cent reduction in tax on wedding functions, according to details of budget document.
Rate of capital market gains tax to be increased from 10 per cent to 17.5 per cent effective from July 1 2014, according to details obtained by DawnNews.
“We have been successful in curtailing inflation with strict measures taken during the previous budget,” claims the finance minister.
Short-lived uproar started in the House by MNA Jamshed Dasti as Finance Minister talked about privatisation.
According to a copy of budget speech obtained by DawnNews, the budget deficit is considered the main culprit behind economic instability as it leads to both inflation and exposes country to external vulnerabilities.
Total expenditure for 2014-15 is budgeted at Rs3,937 billion, according to budget details obtained by DawnNews.
Gross revenue receipts of the federal government are estimated at Rs 3945 billion, showing an increase of 10 per cent, according to details obtained by DawnNews.
Ishaq Dar reading out the key features of the Economic Survey of Pakistan, which he unveiled on Monday. For more details on the targets achieved and missed, click here:
The government has allocated a total of Rs. 329.330 million for the Textile Industry Division for different ongoing and new development schemes.
Minimum pension for government employees has been raised from Rs5,000 to Rs6,000, according to details obtained by DawnNews.
According to details obtained by DawnNews, the cabinet has approved a 10 per cent increase in salaries and pensions of government employees.
Finance Minister Ishaq Dar is now reading out the budget speech on the floor of the National Assembly.
A Public Sector Development Programme worth Rs525 billion has been approved by the cabinet.
Cabinet approves budget 2014-15. Total outlay at Rs3.945 trillion.