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Federal Budget of Rs 3945 bn presented in Lower House

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Published: June 4, 2014 05:16 pm

ISLAMABAD: The Federal Minister for Finance presented the budget for fiscal year 2014-15 in the National Assembly on Tuesday with a total volume of Rs. 3945 billion.

The Federal Minister for Finance, Revenue, Economic Affairs, Statistics and Privatization Ishaq Dar made the budget speech during first sitting of 12th session which was also attended by the Prime Minister Mian Muhammad Nawaz Shareef and the Leader of the Opposition Khursheed Shah.

Minister for Finance said that government ensured economic reforms in the country and also had to take difficult decisions during the previous year which are now yielding positive results towards prosperous economy.

He claimed to bring economy back on track and said that country is on the road to economic development. Highlighting the various aspects of economic reforms, he said that these were aimed to maintain price stability, create job opportunities and reconstruct the infrastructure.

The minister announced 10 % ad-hoc relief for the salaried persons of the Federal Government from July 1, 2014. He announced to increase minimum wage from Rs. 10,000 to Rs. 12,000 per month. He announced an increase of one thousand rupees in minimum pension and said it will raise minimum pension upto six thousand rupees.

He said the income support levy introduced last year will be abolished because of reservations of some sections of the society. Ishaq Dar also announced to launch Prime Minister special scheme for textile sector and said that more than 130,000 persons will be imparted training under this scheme in the next four years.

He said tax rebate will be allowed till 2017 in order to attract foreign direct investment in manufacturing, construction and housing sectors.
He said the government will encourage farming by removing customs duty on the import of plastic coverings and mulch film etc. Regarding corporate tax in the next financial year, he said it will be upto 33 percent and also announced to reduce withholding tax on
marriage functions by five percent.

For disabled persons, Ishaq Dar announced to reduce tax liability of such persons having income upto Rs. 1 million rupees by fifty percent.
Ishaq Dar said that government has decided to set up Pakistan Land Port Authority to transform land ports into
efficient facilitators of trade.

He hoped that this authority will help boost exports. Finance minister announced several measures to improve agriculture sector including credit guarantee scheme for small and marganlised farmers and reimbursement of crops insurance scheme.

The Finance Minister said the government has specially designed a program to provide housing credit to low cost housing units to enable the poor to have their own homes. He said the banks will provide loans upto Rs.1 million for the scheme and the government will guarantee forty percent of the portfolio amount.

He said House Building Finance Corporation will be rehabilitated to expedite construction activities in housing sector. Regarding health care facilities to the maximum population of the country, he disclosed to launch health insurance scheme with the involvement of provincial governments which will help protect the poor.

Posted by on June 4, 2014. Filed under Annual Budget Statemen National Assembly,Annual Budget Statement,National Assembly,News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry