Highlights of the Budget 2013-14
On 13 June, 2013, the newly formed government of Pakistan Muslim League-Nawaz disclosed the Federal budget for the fiscal year 2013-14 for a total of Rs. 3.5 trillion. In a National Assembly session Finance Minister Ishaq delivered the budget speech and called this year budget business friendly budget. In this budget fiscal deficit for the current is most likely to 6.3%, project growth rate of GDP 4.8%, revenue target Rs. 2.45 trillion, share for defence is 627 billion, Rs. 75 billion allocated from Income support program and for energy Rs. 225 billion.
Important Points of Federal Budget FY 2013-14
Following are some of the important points of Pakistan federal budget 2013-14
- In Wifaqi Budget Rs. 1.155 trillion allocated for Public Sector Development Program.
- The newly formed government decided to allocate Rs. 267 billion which was Rs. 570 billion the last fiscal year 2012-13.
- In this budget there will be no raise for salaried person.
- The Finance Minister also announced a raise in General Sales Tax to 17% which was previously 16%. As a result commodity price will go up which will create burden to people already battered by the previous government of Pakistan Peoples Party Parliamentarian.
- Ishaq Dar also proposed a cut of 45% in the expenditures of Prime Minster House which will lead to save Rs. 40 billion.
- To curtail expenditures in the Wifaqi Budget 2013-14 there new will be to purchasing for new cars for Prime Minster, law enforcement agencies are not included.
- Retired Government employees will be given a benefit for 10% increase in the pension while a level for minim pension set to Rs. 5000 from 3000.
- The tax exemption will be eliminated for luxury cars it will not applicable for 1200cc hybrid cars. On the purchase of 1000cc cars Rs. 20,000 will be charge as Tax.
- A withholding tax will be applicable on wedding halls and increased tax rate on foreign movies, foreign drams, cigarettes, pan etc.
- Within 60 days government will eliminate Rs. 500 billion circular debt.
- In the budget head of power subsidy Rs. 185 billion will be allocated.
- In this Federal Budget minsters’ discretionary funds will be eliminated
- Prime Minister Laptop Scheme will be initiated in upcoming days.
- In the Federal Budget FY 2013-14 targeted GDP growth in 4.8% and targeted revenue Rs. 2.475 trillion.