Federal Budget 2012-13: Live updates

ISLAMABAD: The Parliament’s special budget session is currently underway with Speaker Dr. Fehmida Mirza in the chair.

Dr. Hafeez Shaikh, Minister for Finance is delivering the budget speech amid slogans of ‘shame shame’ from the opposition benches.

-- Total budget outlay Rs 2.96 trillion for 2012-13 with a deficit of Rs 1.185 trillion

-- Budget expenditure raised by 15.8 % for 2012-13 compared to last year

-- Available resources stand at Rs2.719 trillion

-- Defence allocation Rs545 billion

-- 20% adhoc relief allowance in salaries and pension of government employees

-- Remittances recorded at 13 billion dollars, which is a record.

-- Allocation for Benazir Income Support Program raised from Rs50 to 70 billion

-- 10,000 utility stores will be opened across the country

-- Technical training and internships program being initiated for providing employment to 100,000 youth

-- NO additional tax being imposed

-- Tax exemption ceiling raised from Rs350,000 to Rs400,000

-- Income tax slab reduced from 17 to 5

-- FBR revenue collection target Rs2.381 trillion

-- Non-tax revenue target Rs730 billion

-- Income tax payers honour cards for law abiding tax payers

-- Federal excise duty on 10 more items waived

-- No more withholding tax on withdrawal of Rs25,000 from banks

-- Now withholding tax will be charged on Rs50000 withdrawal

-- Excise duty on livestock exempted

-- Economic growth increased despite challenges

-- Fiscal Deficit estimated to be Rs1.185 trillion for 2012-13

-- Rs183 billion allocated for controlling the energy crisis

-- Circular debt stands at Rs325 billion

-- Government inherited weak government in 2008

-- Government expenditure reduced by 10% in the current fiscal

-- FBR revenue collection target Rs2.381 trillion