Authentic sources told that today i.e. 12th of June, 2013 Budget 2013-14 Pakistan has been approved. Federal Minister of Finance and Revenue Senator Ishaq Dar presented it in the National Assembly. This time salaries for the government officials could not be increased while the pension for the government servants did.
It was a rupees 3.5 trillion budget by the newly arrived government of PML-N. They termed it as:
“Investment and Business Friendly Budget”
For public sector development program it envisaged Rs 1.155 trillion, which is a record allocation. It aims to stimulate the economy of Pakistan which is in a dark hole presently. For the FY 2013-14 defence Rs 627 billion is allocated this time. This budget is going to bother poor citizens once again as the general sales tax is increased further by one percent. Once again the prizes of the commodities will be raised and there is no chance to get rid of prize hike again in this year.
Dar said that by saving expenditures of the Prime Minister’s House we could save 40 billion from national money so this year they would try that. Prime Minister is banned to buy new cars to save the national money according to Mr Dar. He also proposed that the circular debt will be eliminated soon in sixty days.
There is a ten percent increase in the pension of the retired government servants. The fiscal year budget is Rs. 75 billion for Income Support Program. The import of luxury cars are no more exempted from tax now. Now there are taxes on many small and big things like there is a tax on foreign dramas and movies. There is a withholding tax on wedding ceremonies in the outdoor venues. Cigarettes Pan and chaliya are not tax free now; rather taxes on them have been increased.
Revenue target this time is 2.475 trillion while GDP growth rate is 4.8 percent projected. The power subsidy is Rs 185 billion. Budget abolished minister’s discretionary funds.
The government will also begin a new scheme called the Prime Minister Laptop Scheme& replace the older People’s work program with “Tamir-e-Watan Pakistan” program in the upcoming days. The duty on water filtration will be decreased soon.
3G technology auctions will be held soon according to the Budget 2013-14, and the practice of borrowing from State Bank of Pakistan will soon be shunned. The target rate of inflation for FY 2013-14 is fixed as 9.5 percent. The Senator said it is comparatively better budget that will help Pakistan economy to move forward a lot.