Highlights of Budget-2012-13

ISLAMABAD: Following are highlights of the budget for the financial year 2012-13 announced by Federal Finance Minister Dr. Abdul Hafeez Sheikh in the National Assembly here on Friday evening:-

-     Budget total volume is Rs.2,960 billion

-     Tax collection estimate for year 2012-13 is Rs.3,234 billion

-     FBR sets target Rs.2,381 billion as tax collection

-     Rs.1,459 billion to be transferred to provinces under NFC Award

-     Budget deficit is likely to remain at Rs.1,185 billion

-     Provincial Surplus estimated at Rs.80 billion

-     Rs.70 billion to be allocated for BISP

-     Rs.10 billion to be allocated for Export Development Fund

-     10% additional discount at Utility Stores on different commodities for BISP card holders

-     Govt to set up 2,000 new Utility Stores, 35,000 families to get relief

-     100,000 youth to get internships, technical training

-     Bachelor, Master Degree Holders to get 40,000 internships each in public and private sector

-     20,000 Graduates to be imparted skilled training to fulfil domestic and foreign demand

-     Govt to pay tuition fee of PhD and Master students belonging to Balochistan, FATA, Gilgit-Baltistan

-     20% adhoc relief in pay and pension of Federal Government Employees.

-     Income Tax Exemption Limit enhnaced upto Rs.400,000

-     Tax on Business Turnover reduced from 1% to 0.5%

-     Withholding tax ceiling for cash withdrawl from banks enhanced from Rs.25,000 to Rs.50,000

-     Federal Excise Duty on 10 items abolished

-     Federal Excise Duty on cement reduced from Rs.750 to 500 per metric ton.

-     18 raw materials, 9 components being used for text books, stationary exempted from Customs Duty.

-     Customs duty reduced from 10% to 5% on 88 raw materials of Pharmaceutical Industry

-     Growth rate remains at 3.7 % as compared to 3.4 % during last two years

-     Pakistan repay $ 1.2 billion of loans to IMF

-     Sales Tax rate reduced from 17% to 16%

-     Current expenditure registers 10% decrease

-     Total volume of grants reaches 70% of Divisible Pool

-     Parliament passes 24 laws to empower women during last four years

-     Inflation reduced to 11%, next year it will be cut down to single digit

-     Tax Revenues registers 46% increase, tax collection increases from Rs.1327 billion to Rs.1950 billion

-     Subsidy of Rs.50 billion given on fertilizer

-     Indistrial growth rate projected to 3.4% this year against 3.1percent last year

-     Subsidies of Rs.1,250 billion given on electricity sector during last five years 

-     Govt injected 3500 MW of electricity to National Grid

-     Pakistan to get 2 billion cubic feet of gas from Pak-Iran Gas pipeline, Turkmenistan-Afghanistan-Pakistan India gas pipeline.

-     500 million cubic feet of LNG will be made available for consumers

-     Govt gave reilef of Rs.70 billion on petroleum products

-     National Economic Council approved Annual Development Plan of Rs.873 billion

-     Federal Government share in Annual Development Plan is Rs.300 billion

-     200 projects completed under Public Sector Development Programme (PSDP) at a cost of Rs.300 billion.

-     Govt allocates Rs.360 billion under PSDP for 96 ongoing projects

-     Rs.69 billion earmarked for Electricity secton, WAPDA, Electric Companies will be given Rs.115 billion

-     Rs.48 allocated for Water sector, Rs.44 billion for Social Sector

-     FATA, Gilgit-Baltistan, AJK to get Rs.37 billion

-     Rs.16 billion allocated for Higher Education

-     Rs.84 billion allocated for Transport and Communication (Rs.51 billion for NHA, Rs.23 billion for Railways)

-     Balochistan share incrase upto 9.09% in Divisible Pool

-     Govt accepted Rs.120 billion as royalty on gas sale from 1954 to 1991 for Balochistan

-     Federal Government to finance 11500 jobs for Baloch youth

-     Block Development Allocation enhanced up to Rs.16 billion for Gilgit-Baltistan

-     Rs.10 billion allocated for mega project in Gilgit-Baltistan

-     Rs.17 billion allocated in PSDP for FATA

-     Rs.12 billion for development projects, Rs.16.5 billion allocated for cuerent expenditure for Azad Kashmir besides a loan of Rs.8.5 billion

-     Remittances by overseas Pakistan touch $ 13 billion mark during last two years

-     Exports register 28% increase, volume touches $ 25 billion mark

Copyright APP (Associated Press of Pakistan), 2012