Federal Budget 2013-2014
ISLAMABAD: The newly elected government of Pakistan Muslim League-N is all set to present its very first Federal Budget for the fiscal year 2013-14 on 12th Jun Wednesday 2013.
Finance Minister, Ishaq Dar is presenting the Federal Budget 2013-14 on the floor of the National Assembly.
The Rs 3.5 trillion budget was formally approved by the Federal Cabinet earlier. The focus of the budget is on overcoming the energy crisis, stabilization of the economy, cutting down on non-development expenditures and enhancing productivity through new growth strategies.
The sources of Finance Ministry of Pakistan that the Federal Finance Minister will present the next year’s budget during special session of National Assembly on June 12, following its approval by the Federal Cabinet.
The government will issue the annual Economic Survey on June 11.
Federal Budget 2013-2014 will be announced on 12th June 2013
Hybrid cars up to 1200cc will not have any duty, sales tax or income tax.The exemption will be 25 percent for cars of 1500 CC.
Sales tax to be increased from 16 to 17 percent.
Commercial and industrial electricity account holders will be charged an additional five percent sales tax if they are not registered tax payers. When they are registered this increase will be withdrawn.
Nominal levy of 0.5 percent should be imposed to movable assets of wealth persons to suppiotr income support fund.
Merchant and traders tax rate to be set at 25 percent.
New adjustable withholding tax on foreign films and dramas.
Adjustable taxes will be levied on small businesses.
Income tax laws will be reformed.
Adjustable withholding tax is being introduced for wedding ceremonies.
Special economic zones will be launched.
From the next fiscal year corporate tax should be decreased to 30 percent.
Steps should be taken to set up a system which collects taxes from those who do not pay them.
10 percent increase in pension has been approved
Trade ties will be enchased with our neighbours.
Rs 8 billion allocated for social welfare.
Ashiana Housing scheme would also be launched in other provinces like Punjab
Rs 57 billion allocated for higher education.
Work on Karachi Circular Railway is underway with the assistance of Japan and it will be completed soon
Rs 31 billion have been earmarked for Railways.
The problem of Pakistan Railways is mismanagement. On the advise of the prime minister, the Railways Minister is working on a revival program.
We are making immediate arrangements to link Gawadar to northern areas of the country.
Rs 225 billion of the development budget has been allocated for the energy sector.
Rs 340 billion earmarked for development projects.
Budget is part of medium term economic framework.
Income Support Fund will continue. The amonut will be increase to Rs 75 billion which is an 80 percent increase. We will make some changes to the program so people do not become dependent on it.
There will reforms in state owned enterprises. The first step is to appoint professional managers who will be appointed on the basis of merit.
Employment oppurtunities will be created in the private sector.
3G licenses will be sold in a transparent manner within the current fiscal year.
We will evaluate the allotment of subsides.
Prime Minister Nawaz Sharif will announce an energy policy.
Circular debt issue will be resolved in 60 days. I request all consumers to pay their bills on time.
Nadipur project to be completed in 1.5 years.
Sales tax increased from 16 to 17 percent.
Prime Minister’ office expenses reduced by 45 percent. Ban on purchase of new vehicles for Prime Minister office.
Pension increased to 10 percent. The minimum pension will be Rs5000 from Rs 3000. Rs 75 billion allocated from Income Support Programme. Prime Minister Laptop scheme to be initiated.
Dollar valued soared to Rs 100 from Rs 60.
Growth rate remained 1 percent.
Pakistan’s circular debt increased to 250 percent in past five years.
The average rate of inflation remained 13 percent in past five years.
The new government inherited economy in dilapidated shape.
Finance Minister Ishaq dar begins his budget address on the floor of the National Assembly.
This budget is the economic policy statement on the PML-N: Finance Minister
The budget will be formulated as per the method of ‘output-based budgeting’. The budget so prepared will contain revised estimates for 2012-13, budget estimates for 2013-14 and medium-term budget estimates for 2013-16. The Budget Call Circular has two sections;
2. Section I includes budget preparation forms, instructions and procedure for preparation and submission of detailed budget-Revised Estimates (2012-13) and Budget Estimates (2013-14) in respect of Federal Government receipts and current and development expenditure.
3. Section II includes forms and instructions for Ministry Strategic Overview and strategic allocation of Ceilings to ‘outputs’ (services). This section contains forms that will be prepared by the Ministries / Divisions, the format of ‘Green Book’ and form required to be filled by Fund Centers to prepare medium term budget.