Optimistic PTI govt presents first ambitious Budget amidst opposition’s protest

0

ISLAMABAD (ENN) Pakistan Tehreek-e-Insaf led federal government presented it’s first budget for fiscal year 2019-20 here on Tuesday.

State Minister for Revenue Hammad Azhar presented the budget in the National Assembly amidst the protest by opposition parties.

Budget included below important auspects:

Total budget outlay Rs7,022bn—30% greater than previous year

Rs1,863 billion fixed for Public Sector Development Programme

Budget deficit to be Rs3,560 billion

Tax revenue target set at Rs5,822bn
. Salaries increased by 10 percent
. 10 percent raise in pension as well.

FBR tax revenue target set at Rs5,555bn

Non-tax revenue target set at Rs894.5bn

Current expenditure set at Rs6,192bn

Development expenditure set at Rs843.4bn

Rs701bn earmarked for Federal PSDP

Rs1,152bn fixed for Defence Affairs and Services expenditures

Civil government expenditure to be Rs431bn

Higher education expenditure of Rs45bn

Government sets aside Rs271bn for subsidies

Inflation targets set at between 5 and 7 per cent

General sales tax on goods to remain at 17 percent

3% value added tax on import of mobile phones eliminated

Rs5,200 FED proposed on every 10,000 cigarettes

Sales tax on sugar proposed to be be increased to 17 percent

Rs40 billion subsidy to be given for electricity, gas

Development expenditure for tribal districts fixed at Rs152 billion

Rs45.5 billion allocated for Karachi’s development programme

Stipend through BISP scheme increased from Rs5,000 to Rs5,500

Govt aims to eliminate circular debt in coming years

The government has formed a new ministry to eliminate poverty, which will introduce programs for social safety. People benefiting from the Ehsaas program include the poor, orphaned, homeless, and disabled sectors of the population.

Ration card scheme being introduced. 80,000 people to benefit from this scheme with interest-free loans.

Taxes: 

Minimum taxable income for salaried class to be Rs0.6mn per annum

11 progressive tax slabs ranging from 5 to 35 percent proposed for salaried class

Minimum taxable income for salaried class to be Rs0.4mn p.a.

Eight progressive tax slabs ranging from 5 to 35 percent proposed for non-salaried class

Non-filers no more restricted from purchasing property

Non-filers to be allowed to purchase property of over Rs5mn

Corporate tax to remain at 29 percent for next two years.

Wages:

10 per cent increase in salaries for government employees from grade 1 to 16, including armed forces employees

5 per cent ad hoc relief for government employees from grade 17 to 20

No increase in salaries for civilian government employees from grade 21 to 22

Minimum wage set at Rs17,500

Pensions increased by 10 per cent

Ministers agree to voluntary 10 per cent cut in salaries.
. The prices of cigarettes, sugar, cement increased.
. Amount earmarked for Kartarpur and Karachi projects.
. 10 percent cut in cabinet members salaries.
. 3 percent import tax on mobile phone abolished.
. Rs7,579 million allocated for climate change.

Moreover opposition parties continued protest during budget presentation.

They chanted slogans against PM Imran khan and the government.

About Author

Leave A Reply