Pakistan Budget 2016-17 Announced - Latest
The volume of Budget 2016-17 is going to be Rs 4394 billion while the tax collection target is going to be set at Rs 3621 billion. Moreover, non-tax revenue target is going to be Rs 960 billion.
The total volume of the budget is going to be Rs 4394 billion. The allocation for Defence is going to be Rs 860 billion, increasing the defence budget by Rs 160 billion.
Exports declined by 9.6%, now stands at $18.18 billion. Imports declined by 4.6%, now stands at $32.73 billion says Ishaq Dar.
60% increase has been recorded in the tax-collection during the last three years and this is a historical improvement. Trade deficit was negative in 2012-13 and is 312 billion rupees now.
Exports remained low this year in terms of revenue but the biggest reason is that the commodity prices have dropped internationally.
Interest rate is at the lowest in last several years with just a rate of 5.75%.
Per capital income has reached 1561 dollars today.
State Bank of Pakistan had 6 Billion Dollars reserve in June 2013, which is increased to 16.8 Billion Dollars.
Commercial Banks had 4.8 Billion Dollars which increased to 2.16 Billion, which is said to be the highest in the History of Pakistan.
Current account deficit has remained at 1% during the last one year.
RS: 3104 Billion taxes will have been collected by the End of June 2016.
Pakistan Social and Living Measurement survey indicates that Poverty in Pakistan has dropped to 29.2% in year 2016.
BISP (Benazir Income Support Program) Budget 2016-17 increased to 115 Billion. Stipend for each family increased from 12000 to 18000 per year.
Universal Service Fund, Information Technology and Telephone will be available in Baluchistan and FATA regions with budget of 2.43 Billion and for existing projects budget of 9.52 Billion will be spent.
Women and Ladies Institutes will also be given Computer Labs.
Government will bring Fiscal Deficit Budget 2016-17 from 4% to 3.8% by next year.
Devevlopment Budget in 2016-17 decreased to 800 Billion to bring stability in current Government.
Exports decreased by 11% which is now 18.18 Billion Dollars.
Imports decreased by 4.6% which is now 32.73 Billion Dollars.
Constructions of Roads and Bridges Budget 2016-17 is 188 Billion, which increased 18% according to 2015-16 Budget.
Lahore to Karachi Motorway is given priority among these projects.
Railway Pakistan Budget 2016-17 allocated of 78 Billion
Railway Pakistan Budget 2016-17 for New Coaches and Wagons approved for 14 Billion
SALARIES, PENSIONS INCREASED IN BUDGET 2016-17
Government Employees Salaries are increased by 10%.
Monthly Salaries of Laborers Increase by RS: 1000 to RS: 14000.
10% Increase in Pensions of Retired Officers
Federal Government Pensioners of age more than 85 years have pension increased by 25%.
Former East Pakistan pensioners: Increase from RS: 2000 to RS: 6000 pension
Pay Scales raised from range of Grade 7 to Grade 14 employees
Salaries increase will be given on Adhoc Basis.
Retired Employees Pension 10% Increased
SECTOR WISE BUDGET 2016-17
Social Sector Budget 2016-17 is 92 Billion, which was 81 Billion in 2015-16
Education Sector Budget 2016-17 is 28 Billion, which was 24 Billion in 2015-16
Higher Education Budget 2016-17 is 79.5 Billion
Health Sector Budget 2016-17 is 29 Billion, which was 23 Billion in 2015-16
Millenium Development Budget 2016-17 is 20 Billion, which was 20 Billion in 2015-16
Infrastructure Budget 2016-17 now is 469 Billion, which was 408 Billion in 2015-16
Energy Budget 2016-17 is 157 Billion, which was 145 Billion in 2015-16
Telecommunication Budget 2016-17 is 261 Billion, which was 220 Billion in 2015-16
Water Project Budget 2016-17 is 32 Billion, which was 30 Billion in 2015-16
Water Reservoirs Budget 2016-17 is 32 Billion for Dimer-Bhasha Dam, 42 Billion for Dasu Dam. With the help of these dams, 15000 Mega Watts will be added to National Grid. Some funds are also allocated for small dams in Khaiberpakhtunkha.
Agriculture sector Budget 2016-17
Fertilizer bag price decreased from Rs 2050 to Rs 1800 and Rs 50 will be reduced further.
Urea price decreased from RS: 2100 to RS: 1400
DAP Cost reduced from RS: 2800 to RS: 2500 from 1st July 2016.
Electricity for agriculture sector to Rs 5.33/Unit
Custom Duty Decreased from 5% to 2%
7% Sales Tax on Pesticides is cancelled
Cotton Production Increase
2013 - 13 Million Bales
2014 - 12.8 Million Bales
2015 - 14.6 Million Bales
2016 - 97 Lakh Bales
Fish farming duty reduced from 5% to 2%.
Duty for crab and prawn food is decreased from 20% to 0 now.
Custom duty on import of small fish decreased from 10% 0 now.
Custom duty on machinery and raw material duty descreased from 5% to 3% now.
Cottage industry turnover is Rs 5 million now for the exemption of sales tax. The bar is suggested to be set to Rs 10 million now.
LED lights duty decreased from 20% to 5%. Custom Duty on import of Solar Panels is 0% till June 30, 2017.
PM Health Insurance Scheme has been started in cooperation of provincial and federal governments. Insurance cover is being provided to poor people and Rs 9 billion have been allocated for it.
SECTOR WISE PAKISTAN BUDGET 2016 - 17
Railway Department Budget 2016-17 is 78 Arab (78 Billion)
Energy Department / Tawanaai Budget 2016-17 is 380 Arab (380 Billion)
Karachi Civil Nuclear Power Project, Chashma Civil Nuclear Power Project are also under consideration.
Allocation for corporations, ministries, TDPs, Youth program, others:
Coroporations Budget 2016-17 is 320 Arab (320 Billion)
Wizaratein Budget 2016-17 is 238 Arab (238 Billion)
TDP's Budget 2016-17 is 100 Arab (100 Billion)
Youth Program Budget 2016-17 is 20 Arab (20 Billion)
Miscellenious and Other Budget 2016-17 is 122 Arab (122 Billion)
New Taxes Imposed:
10% capital gain tax to be imposed on selling property within five years.
Corporate tax ratio to be fixed at 31%
Taxes to be imposed on showing foreign TV dramas and serials in Pakistan.
Super Tax to remain intact for another year.
Tax on each bag of cement raised to Rs 50 from Rs 25.
Customs duty on import of eggs, chicken raised from 6% to 11%.
Customs duty of frozen fish raised to 20%.
Customs duty on dry milk raised to increased by 45%.
10% customs duty on car tyres abolished.
Duty on almonds import raised from 10% to 20%.
06-03-2016 02:25 PM # ADS
Tax Tax Tax ,,, All Budget is in the favour of GOVT ...