Pakistan, Islamabad News : The Finance Bill 2013-14 has been approved in the National Assembly. Eight amendments to the Finance Bill were approved during the session with one of them allowing an additional nine percent sales tax on CNG stations.
The Rs 3.5 trillion budget which was presented in the National Assembly on June 12. The budget envisages a record allocation of Rs1.155 trillion for Public Sector Development Program (PSDP) with an aim to stimulate the economy which presently depicts a bleak picture. A big chunk of Rs 225 billion will be spent on energy sector.
The first budget of Nawaz Sharif-led government has allocated Rs627 billion for FY 2013-14 defence compared to Rs570 billion for the preceding year.
The General Sales Tax (GST) has also been increased from 16 percent to 17. As an austerity measure, the expenditures of Prime Minister House have been decreased by 45 percent.
There will be a complete ban on purchase of new cars for Prime Minister’s office but the ban will not be applicable for law enforcement agencies and other inevitable requirements.