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