Govt unveils ‘business friendly’ budget for FY 2013-14" Total outlay for Federal Budget 2013-14 Rs3.591 trillion; fiscal deficit 8%; GDP growth rate projected at 4.8%; inflation 9.5%; revenue target set at Rs2.475 trn; Rs926 bn allocated for debt servicing; GST raised from 16 to 17 percent; National Development budget allocation Rs1.155 trillion; Rs75 bn allocated for Income Support Programme; Pension up by 10% from 3000-5000; Rs225 bn for energy sector development. ISLAMABAD: The newly formed government of Pakistan Muslim League-Nawaz (PML-N) Wednesday unveiled what is being termed as ‘an investment and business friendly budget’ with a total outlay of Rs3.591 trillion for the financial year 2013-14. Finance Minister, Senator Ishaq Dar presented the budget speech at the special budget session of the National Assembly. He said the government inherited a battered economy and the average rate of inflation stood at 13 percent in last five years. National Debt ramps up The burden of national debt witnessed a whopping increase of 250 percent to reach Rs14,284 billion. Good news for pensioners Pension increased to 10 percent. The minimum pension will be Rs5000 from Rs3000 Rs75 billion allocated from Income Support Programme Austerity measure Prime Minister House expenditures being brought down by 45 percent. Policy for imported cars Tax exemption of luxury cars to be abolished; 1200 cc hybrid cars exempted form import duty; 1800-2500 cc cars 25 % concession; 1200-1800 cc cars 50% duty reduction.
Posted on: Wed, 12 Jun 2013 13:47:42 +0000
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