Latest Breaking News: New Pakistan Budget 2011-12 Details > Abdul Hafeez the Federal Minister for finance Pakistan unveiled the Budget for the year 2011-12 making increase of 14.2 % against last year.
He also stated that the budget is set at 2,767 billion and up against previous year, he said that economy had a loss due to floods in Pakistan so “This time the fiscal deficit will be about four per cent of Pakistan’s GDP Pakistan had incurred a loss of 10 billion dollars.” “We hope that our remittances will reach a level of $12 billion by close of this year,” he explains “Our foreign currency reserves have reached $17.3 billion.”
More about budget he said, “We will try to control the price hike as well as provide relief through Utility Stores. The Utility Stores will be provided more funds. In addition to that, the Federal Excise Duty (FED) on soft drinks has been reduced to six per cent.”
He added that , “We have allocated a huge sum of money to provide subsidies in the energy sector.” He also said Rs 32.5 billion had been allocated for the Water and Power Development Authority (Wapda). He further stated that Rs.50 billion had been allocated for the transport sector.
For pensions and salary, “The salaries of government servants will be raised by 15 per cent and pension will be increased by 15 to 20 per cent.”
The minister also said that there was a proposal to increase 25 per cent allowances of government servants of Grade 1 to 15 and that this proposal was under consideration to revise the pay scales after merging the ad-hoc relief given till 2009.
He went on to say that conveyance allowance of government servants and the armed forces had been increased by 25%. Shaikh said that more than 71,000 people in the country had been issued tax notices.
(GST) had been reduced from 17 per cent to 16 per cent he describe that regulatory duties on 392 items were to be removed. He said that 2.3 million people were to be brought into the tax net. The minister went on to say that all special excise duties were to be abolished He also said that the tax base would be increased from Rs 300,000 to Rs 350, 000.
The minister also laid before the House the papers for grants and appropriations of supplementary grants He also moved a bill to give affect to the finance proposal of the federal government for the year beginning from July 1, 2011.