Last update: Sun, 04 Dec 2016 09pm

Budgets: 2004-05


The National Assembly has passed Rs 903 billion Budget for 2004-05 and Rs 157,239.676 million Supplementary Grants 2003-04 on Thursday, three days ahead of schedule due to the blessings of boycott from the opposition.
Finance Minister Shaukat Aziz said here on Sunday that taxation measures introduced in the Budget 2004-05 would have a net negative impact of Rs 7.5 billion in revenue collection because of a quantum shift in tax systems to focus on reforms, in addition to revenue generation.
Federal Finance Minister Shaukat Aziz in his fifth budget blazed a new trail in public finance. He announced a host of bold measures on Saturday, according extensive concessions and incentives to agriculture, industry and construction.
Federal Budget for fiscal year 2004-05 at a glance.
The text of the speech made by the Federal Finance Minister on the floor of the National Assembly on Saturday.
The government has fixed Rs 580 billion revenue target for financial year 2004-05, which is Rs 70 billion higher as compared to the target of Rs 510 billion for 2003-04.
The federal government is expected to net Rs 7.2 billion in FY 2004-05, from the levy of 0.1 percent capital value tax on purchase value of shares, according to knowledgeable sources in the Karachi Stock Exchange.