Budget 2011-2012: Highlights

Following are the highlights of the budget in a document:

PROJECTIONS

- The 2011/12 budget outlay is 2.767 trillion rupees ($32 billion), up 14.2 percent from the 2010/11 fiscal year.

- Total revenue (tax revenue and non-tax revenue) is targeted at 2.732 trillion rupees, out of which the Federal Board of Revenue aims to collect 1.952 trillion Pakistani rupees, compared with 1.588 trillion in 2010/11 fiscal year.

- Defence spending will increase to 495 billion rupees for2011/12 fiscal year, compared with 442 billion rupees in the year ending June 30.

MACROECONOMIC TARGETS

- The budget targets a fiscal deficit of 4 percent of gross domestic product (GDP) in 2011/12.

TAXATION AND DUTIES

- Ending special exemptions and zero ratings.

- Reduction of general sales tax to 16 percent from 17percent.

- Tax rate for commercial importers on value addition to 3percent from 2 percent.