Federal Budget 2013-14 approved by National Assembly
ISLAMABD: Federal Budget 2013-14 approved by National Assembly.The Finance Bill 2013-14 has been approved in the National Assembly today. Eight amendments to the Finance Bill were approved during the session with one of them allowing an additional sales tax (nine percent) on CNG stations.
The Rs 3.5 trillion budget was presented in the National Assembly on 12th June 2013. 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 Financial Year 2013-14 defence compared to Rs570 billion for the preceding year.
The General Sales Tax (GST) has been increased from 16 % to 17%. As an austerity measure, the expenditures of Prime Minister House have been decreased by 45%.
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.