Highlights of Budget-2012-13

: Highlights of Budget-2012-13

ISLAMABAD: Following are highlights of the budget for the financial year 2012-13 announced by Federal Finance Minister Dr. Abdul Hafeez Sheikh in the National Assembly here on Friday evening:-

Budget total volume is Rs.2,960 billion
Tax collection estimate for year 2012-13 is Rs.3,234 billion
FBR sets target Rs.2,381 billion as tax collection
Rs.1,459 billion to be transferred to provinces under NFC Award
Budget deficit is likely to remain at Rs.1,185 billion
Provincial Surplus estimated at Rs.80 billion
Rs.70 billion to be allocated for BISP
Rs.10 billion to be allocated for Export Development Fund
10% additional discount at Utility Stores on different commodities for BISP card holders
Govt to set up 2,000 new Utility Stores, 35,000 families to get relief
100,000 youth to get internships, technical training
Bachelor, Master Degree Holders to get 40,000 internships each in public and private sector
20,000 Graduates to be imparted skilled training to fulfil domestic and foreign demand
Govt to pay tuition fee of PhD and Master students belonging to Balochistan, FATA, Gilgit-Baltistan
20% adhoc relief in pay and pension of Federal Government Employees.
Income Tax Exemption Limit enhnaced upto Rs.400,000
Tax on Business Turnover reduced from 1% to 0.5%
Withholding tax ceiling for cash withdrawl from banks enhanced from Rs.25,000 to Rs.50,000
Federal Excise Duty on 10 items abolished
Federal Excise Duty on cement reduced from Rs.750 to 500 per metric ton.
18 raw materials, 9 components being used for text books, stationary exempted from Customs Duty.
Customs duty reduced from 10% to 5% on 88 raw materials of Pharmaceutical Industry
Growth rate remains at 3.7 % as compared to 3.4 % during last two years
Pakistan repay $ 1.2 billion of loans to IMF
Sales Tax rate reduced from 17% to 16%
Current expenditure registers 10% decrease
Total volume of grants reaches 70% of Divisible Pool
Parliament passes 24 laws to empower women during last four years
Inflation reduced to 11%, next year it will be cut down to single digit
Tax Revenues registers 46% increase, tax collection increases from Rs.1327 billion to Rs.1950 billion
Subsidy of Rs.50 billion given on fertilizer
Indistrial growth rate projected to 3.4% this year against 3.1percent last year
Subsidies of Rs.1,250 billion given on electricity sector during last five years
Govt injected 3500 MW of electricity to National Grid
Pakistan to get 2 billion cubic feet of gas from Pak-Iran Gas pipeline, Turkmenistan-Afghanistan-Pakistan India gas pipeline.
500 million cubic feet of LNG will be made available for consumers
Govt gave reilef of Rs.70 billion on petroleum products
National Economic Council approved Annual Development Plan of Rs.873 billion
Federal Government share in Annual Development Plan is Rs.300 billion
200 projects completed under Public Sector Development Programme (PSDP) at a cost of Rs.300 billion.
Govt allocates Rs.360 billion under PSDP for 96 ongoing projects
Rs.69 billion earmarked for Electricity secton, WAPDA, Electric Companies will be given Rs.115 billion
Rs.48 allocated for Water sector, Rs.44 billion for Social Sector
FATA, Gilgit-Baltistan, AJK to get Rs.37 billion
Rs.16 billion allocated for Higher Education
Rs.84 billion allocated for Transport and Communication (Rs.51 billion for NHA, Rs.23 billion for Railways)
Balochistan share incrase upto 9.09% in Divisible Pool
Govt accepted Rs.120 billion as royalty on gas sale from 1954 to 1991 for Balochistan
Federal Government to finance 11500 jobs for Baloch youth
Block Development Allocation enhanced up to Rs.16 billion for Gilgit-Baltistan
Rs.10 billion allocated for mega project in Gilgit-Baltistan
Rs.17 billion allocated in PSDP for FATA
Rs.12 billion for development projects, Rs.16.5 billion allocated for cuerent expenditure for Azad Kashmir besides a loan of Rs.8.5 billion
Remittances by overseas Pakistan touch $ 13 billion mark during last two years
Exports register 28% increase, volume touches $ 25 billion mark – Brecorder