Pakistan News > Budget 2012-13 – Finance Minister Dr Abdul Hafeez Sheikh presented the budget in the National Assembly session here on Friday amid indiscipline by the opposition parties.
National Asembly Speaker Fehmida Mirza chaired the budget meeting.
Finance Minister Hafeez Sheikh said that he was delighted to present 5th budget of the democratic.
Further he said, President showed good leadership despite challenges, We have taken the country out of economic crisis and increased economic growth, We returned 1.2 bln to IMF. No loans taken from IMF in last two years.’
Hafeez Sheikh also stated that The government regularized thousands of the contractual employees, benefited 3.5 families through BISP, Tax collection target is Rs 3234 and federal budget volume is Rs 262960 bln.
“All items which have a GST tax of more than 16%, efforts are being done to bring their tax down to 16%.”
“We have decided to lessen the customs duty… All customs item which were in the maximum range of 35% will be brought down to 30%,” said Shaikh.
The finance minister says that Rs183 billion has been allocated to deal with the energy crisis.
20% increase in salaries and pension was also announced in the speech by the finance minister.
Other important points that his speech included are given under:
Rs39.16 billion allotted for Pakistan Atomic Energy Commission.
Duty on raw material for 88 medicines has been reduced from 10 to 5 per cent
Minimum tax slab has been raised to Rs400,000.
Sales tax on imports has been standardized to 16 per cent.
Inflation target has been set at 9.5 per cent, while fiscal deficit target has been set at 4.7 per cent.