Federal Budget 2013-14: Salient features

ISLAMABAD: Finance Minister, Ishaq Dar has presented the Federal Budget 2013-14 on the floor of the National Assembly.

The Rs 3.5 trillion budget was formally approved by the Federal Cabinet earlier. The focus of the budget was on overcoming the energy crisis, stabilization of the economy, cutting down on non-development expenditures and enhancing productivity through new growth strategies.

SALIENT FEATURES

18:53: Finance Minister Ishaq Dar concludes his speech.

18:48: Minimum pension raised from Rs 3000 to Rs 5000: Dar

18:47: PM house expenditure to be decreased by up to 44 percent: Dar

18:45: VIPs will not be allowed to import vehicles without paying duty and taxes: Dar

18:40: All organizations and autonomous bodies have asked to freeze secret funds: Dar

18:33: Micro-finance scheme to be launched for youths and mark-up loans will be provided to them: Dar

18:32: Rs 3 billion be allocated for PMs laptop scheme: Dar

18:31: Youths below the age of 25 and holding a masters degree will receive a stipend of 10,000 per month during a one year training program. PM Youth Skill development program will be launched: Dar

18:28: Hybrid cars up to 1200cc will not have any duty, sales tax or income tax. Duty on Hybrid Vehicles 1200 to 1800 to be reduced by 25 percent: Dar

18:20: Sales tax to be increased from 16 to 17 percent: Dar

18:17: Commercial and industrial electricity account holders will be charged an additional five percent sales tax if they are not registered tax payers. When they are registered this increase will be withdrawn: Dar

18:16: Nominal levy of 0.5 percent should be imposed to movable assets of wealth persons to suppiotr income support fund: Dar

18:13: Merchant and traders tax rate to be set at 25 percent: Dar

18:12: New adjustable withholding tax on foreign films and dramas: Dar

18:11: Adjustable taxes will be levied on small businesses: Dar

18:11: Income tax laws will be refomred: Dar

18:10: Adjustable withholding tax is being introduced for wedding ceremonies: Dar

18:07: Special economic zones will be launched: Dar

18:06: From the next fiscal year corporate tax should be decreased to 30 percent: Dar

18:03: Steps should be taken to set up a system which collects taxes from those who do not pay them: Dar

18:02: 10 percent increase in pension has been approved: Dar

17:54: Trade ties will be enchased with our neighbours: Dar

17:52: Rs 8 billion allocated for social welfare: Dar

17:53: Ashiana Housing scheme would also be launched in other provinces like Punjab: Dar

17:50: Rs 57 billion allocated for higher education: Dar

17:49: Work on Karachi Circular Railway is underway with the assistance of Japan and it will be completed soon: Dar

17:48: Rs 31 billion have been earmarked for Railways: Dar

17:47: The problem of Pakistan Railways is mismanagement. On the advise of the prime minister, the Railways Minister is working on a revival program: Dar

17:42: We are making immediate arrangements to link Gawadar to northern areas of the country: Dar

17:39: Rs 225 billion of the development budget has been allocated for the energy sector: Dar

17:38: Rs 340 billion earmarked for development projects: Dar

17:34: Budget is part of medium term economic framework: Dar

17:32: Income Support Fund will continue. The amonut will be increase to Rs 75 billion which is an 80 percent increase. We will make some changes to the program so people do not become dependent on it: Dar

17:30: There will reforms in state owned enterprises. The first step is to appoint professional managers who will be appointed on the basis of merit: Dar

17:28: Employment oppurtunities will be created in the private sector: Dar

17:27: 3G licenses will be sold in a transparent manner within the current fiscal year: Dar

17:26: We will evaluate the allotment of subsides: Dar

17:24: Prime Minister Nawaz Sharif will announce an energy policy.

17:23: Circular debt issue will be resolved in 60 days. I request all consumers to pay their bills on time: Dar
Nadipur project to be completed in 1.5 years: Dar

17:22: Sales tax increased from 16 to 17 percent: Dar

17:21:Prime Minister’ office expenses reduced by 45 percent. Ban on purchase of new vehicles for Prime Minister office: Dar

17:20: Pension increased to 10 percent. The minimum pension will be Rs5000 from Rs 3000. Rs 75 billion allocated from Income Support Programme. Prime Minister Laptop scheme to be initiated: Dar

17:18: Dollar valued soared to Rs 100 from Rs 60: Dar

17:15: Growth rate remained 1 percent: Dar

17:14: Pakistan’s circular debt increased to 250 percent in past five years: Dar

17:12: The average rate of inflation remained 13 percent in past five years: Dar

17:06 The new government inherited economy in dilapidated shape: Dar.

17:05: Finance Minister Ishaq dar begins his budget address on the floor of the National Assembly.

17:10: This budget is the economic policy statement on the PML-N: Finance Minister