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NA approves Finance Bill 2015-16

National Assembly News

Pakistan, Islamabad News : The National Assembly Tuesday approved the “Finance Bill 2015-16” with total outlay of Rs 4,451 billion giving legal cover to budgetary proposals for the next financial year.

Following threadbare discussions, the Bill was moved by Minister for Finance, Ishaq Dar to the House and was passed in the absence of the joint opposition.

The passage of the Finance Bill has successfully brought to an end the budgetary process started on June, 5 with the budget speech of the finance minister at the National Assembly.

The bill now will go to the President for assent. This is the third budget of the present government with the focus on ensuring sustainable economic growth and development.

In the budget, Rs 1,513 billion has been allocated for Public Sector Develpment Programme (PSDP) for the next financial year.

Out of this, Rs 700 billion have been earmarked for the development projects to be carried by the federal government while Rs 813 billion would be disbursed amongst the federating units for their development programmes.

To improve productivity in industrial and agricultural sectors with a view to achieve food entrepreneurship promotion in these sectors.

The allocations of Benazir Income Support Programme (BISP) has been enhanced to Rs 102 billion to cater to Rs 5.3 million deserving families by the end of FY 2015-16.

Similarly, the budget of Pakistan Bait-ul-Mal has been doubled from Rs 2 to 4 billion.

The House adopted a number of amendments proposed by Finance Minister, Ishaq Dar, Senators and MNAs during the debate.

The Senate had made 92 recommendations out of those, the government accepted 56 and were incorporated in the federal budget, fully or partially.

The salaries of government employees and pensions have been increased by 7.5 percent after merging the ad hoc relieves of 2011 and 2012 basic salaries of the employees.

The minimum wages of labours would be Rs 13,000 per month. The medical allowances of the government employees have also been enhanced by 25 percent. The employees of grade V have been granted promotion.

Solar tubewells would be provided to farmers while duty on import ofagriculture machinery, poultry tax has been abolished, Khyber Pakhtunkhaw has been provided five years tax amnesty, the units could be set up from July 1 2015 to June 30 2018. – APP

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