ISLAMABAD: The federal budget for the fiscal year 2012-13 with an outlay of around Rs 3 trillion will be presented in parliament today (Friday).A special meeting of the federal cabinet, chaired by Prime Minister Yousaf Raza Gilani, was held on Thursday to consider and approve the budget proposals, official sources informed our sources.Decision on increase in the salaries and pension for the government employees has been left for the cabinet; however, 25 to 30 percent increase in salaries and pension is part of separate proposals.The federal government has finalised a tax collection target of Rs 2.338 trillion for fiscal year 2012-13, and this includes Rs 85 billion in revenue generation measures – Rs 40 billion worth of new taxes through broadening of tax base and generation of Rs 45 through administrative measures.The federal government will transfer Rs 1.427 trillion in 2012-13 to provinces as their share in federal taxes under NFC Award. Debt servicing and debt repayment will consume Rs 933 billion in the next fiscal. The government is aiming to contain fiscal deficit at just over Rs 1.2 trillion.Provinces will be required to create a budget surplus of Rs 112 billion to help federal government keep fiscal deficit to the projected level. Non-tax revenue target is also jacked up from earlier proposed target of Rs 562 billion to Rs 737 billion.Official sources informed that allocation for federal Public Sector Development Program has been set at Rs 360 billion, and Rs 100 billion would be spent on development program outside the PSDP, taking the total to Rs 460 billion for 2012-13.
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Last edited by Naveed A Lodhi; 06-01-2012 at 07:21 PM.