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The Public Sector Development Programme, 2016-17 of Rs 800 billion envisages Rs 76 billion for China-Pakistan Economic Corridor (CPEC) projects. The projects relating to Western Alignment under CPEC: the documents available with Business Recorder revealed that a total of Rs 42.85 billion has been proposed for next Budget-2016-17.
The Federal Board of Revenue (FBR) has agreed to certain budget recommendations of Engineering Development Board (EDB) for protection of the local industry and manufacturing activities in the country. Sources told Business Recorder here on Saturday that the EDB has proposed tariff rationalization, changes in the existing customs related SROs, amendments in customs rules and changes in duty structure for different industries including auto sector. The FBR has agreed to certain recommendations of the EDB for development of the local sectors and industries.
The Federal Board of Revenue (FBR) has proposed a new optional regime of sales tax for tier-1 retailers by charging 2 percent sales tax of turnover without adjustment of input tax in the upcoming budget (2016-17). Sources told Business Recorder here on Saturday that the tier-1 retailers cover those retailers who are defined under rule 4 of the Sales Tax special procedure meant for retailers. It has been estimated to generate additional revenue through introduction of the new scheme sales tax for the said category of retailers.
The Federal Board of Revenue (FBR) has proposed 15 percent Federal Excise Duty (FED) on the import of vehicles above 2700cc in the upcoming budget (2016-17). Sources told Business Recorder here on Saturday that the government had imposed 10 percent excise duty on the motor vehicles of cylinder capacity of 1800cc or above.
The Sharif administration envisages extending maximum support for road building in 2016-17 with the highest allocation under the Public Sector Development Programme for National Highway Authority (NHA) at Rs 190 billion. According to documents available with Business Recorder, allocation for the power sector comes second in terms of priority at Rs 130 billion however the government has allocated for the first time Rs 25 billion for Gas Infrastructure Development Fund which was budgeted last year to generate Rs 145 billion; followed by Railways at Rs 40.7 billion for 2016-17 (a decline from Rs 41 billion allocated in 2015-16).
Federal Interior Minister Chaudhry Nisar Ali Khan and Punjab Chief Minister Mohammad Shahbaz Sharif met Chief of Army Staff (CoAS), General Raheel Sharif and exchanged with him views on country's security situation, a US drone attack in Balochistan and success of the Zarb-e-Azb against terrorism. According to sources, the army chief enquired about the health of Prime Minister Nawaz Sharif. He was told that the prime minister would undergo a cardiac surgical procedure on Tuesday in London. The army chief prayed for the health of the prime minister.
Prime Minister Muhammad Nawaz Sharif is "overseeing the affairs of the state" in London where he will undergo heart surgery as advised by doctors, the Prime Minister House said on Saturday. "The PM is duly assisted by his Principal Secretary, Military Secretary and other staff members," a statement said. The statement came hours after ministers and the family said that Nawaz Sharif will undergo an open heart surgery in London.