Friday, June 1, 2012

Budget of Pakistan 2012~2013 Highlights



Federal Budget of Pakistan 2012~2013

Federal Budget of Pakistan was presented in Parliament today. Dr. Abdul Hafiz Shaikh, Federal Minister of Pakistan for Finance, Revenue, Economic Affairs, Statistics, Planning and Development presented budget speech before national parliament today 01 June, 2012 at 1800hrs. Span of budget speech was only half an hour. This is 5th and last budget of current PPP collation government.  

Pakistani Budget 2012-2013
Pakistani Budget 2012-2013

Salient Features of Federal Budget of Pakistan for Fiscal Year 2012-13

  • The total outlay of budget is estimated at Rs 2,960 Billion while Budget of 2011~12 was of Rs. 2,559 Billion.
  • Total revenue is estimated at Rs. 3,234 Billion for new fisclal year.
  • According to tax speech, no new tax will be applied during this year.
  • 20 percent Adhoc Relief Allowance will be given to Federal Government Employees.
  • Pension of retired government employees will also be increased by 20 percent.
  • Annual income up to 4 lacs is exempted from income Tax.
  • Tax Payer Honour Card will be issued to tax payers for additional facilities and privileges on many places e.g. NADRA, Passport Office, Airports, Railways and some other government offices.
  • Government planned to give technical training and intern-ship to 1 lac unemployed young Pakistanis in upcoming year.
  • With holding Tax limit on withdrawing cash from banks is increased. Now there will be no WHT on up to 50,000 rupees per day.
  • 16 % General Sales Tax (GST) will be fixed on all items.
  • Custom Duty is minimized on many items.
  • Rs. 183 billion are sanctioned for Electricity projects in year 2012~2013.
  • Prime Minister House will be converted in Institute for Advanced Studies.

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