Home / Television / Federal Budget 2015-16 complete preview

Federal Budget 2015-16 complete preview





Federal Budget 2015-16 complete preview

Islamabad (Utvplus News): Federal Minister for Finance Ishaq Dar presented the Federal Budget 2015-16 with an total outlay of Rs 4491 billion in National Assembly Today.

Federal Budget 2015-16 complete preview

Budget 2015-16 Preview:

Salaries of government employees.

  • 7.5% increase in government employees  salaries.
  • All pensioners employees to get an increase of 7.5%.
  • 7.5% ad-hoc relief announced for all government employees.
  • 25% increase in medical allowance
  • Special Ph.D allowance to be given worth Rs. 10,000

Special package for KPK

  • Tax exemption for 5 years for all those setting up industry in KPK
  • KPK will be allowed to do business with Afghanistan in Pakistani rupee.
  • KPK will be given priority in tax refunds

Tax and subsidy updates

  • 15% tax to be applied on the use of scientific tools.
  • 10% income tax to be applied on electricity bills worth Rs. 75,000.
  • Developing areas will be allocated 39.20 billion rupees.
  • 0.1% advance tax to be imposed on shopkeepers.
  • Minimum monthly wages increased to Rs. 13,000 from the previous 12,000 rupees
  • 35% tax imposed on banks  profits.
  • 3%taxes imposed on non-filer businessmen.
  • 6 billion rupees have been allocated for improvement in exports.
  • Excise duty on cigarettes set at 63% with an increase of 5%.
  • 0.6% taxes will be implemented on the bank transactions and business transactions of the non-filers.
  • 7 billion rupees subsidy to be given for utility stores.
  • 192 billion rupees will be transferred to the provinces.
  • Remittances have been expected to increase by 1.9% for 2015-16.
  • 700 billion rupees to be allocated for PSDP.
  • 10% tax exemption to ocmpanies employing more than 500 people.
  • Regulatory duty on mobile phones to be lifted.
  • Income tax on 400,000 – 500,000 income set on 2%
  • Rs.64.15 billion have been allocated for Textile industry.
  • Agriculture loans are according to our targets and new target has been set to 6 billion rupees.
  • Interest rate for export based businesses has been lowered to 4.5%.

Prime Minister s Youth Schemes

  • 700 laptops have been assembled in the local laptop assembling plant while 70,000 laptops have been provided this year.
  • 50,000 internships will be offered to the jobless youth having 16-year education
  • Ph.D students will be given Rs. 10,000 allowance.
  • Loans will be provided for setting up 30,000 tube wells during the next 3 years.
  • More than 20,000 people have so far benefited from PM s Youth Loan Scheme.

Defence Budget

  • Defence budget has been raised to Rs. 780 billion with an increase of 11%.
  • Rs. 100 billion have been allocated for security purposes and rehabilitation of the Temporarily Displaced Persons (TDP).

Education Budget 2015-16

  • PM had announced to improve the educational budget to 4% by the end of tenure. We are still committed to our promise. Provincial governments will have to raise the educationbudget to 3.2% of the GDP and take it to 4% by the end of the tenure.
  • 71.5 billion rupees have been allocated for Higher Education, which is  being improved

Pakistan Railways Budget

  • Rs. 78 billion have been allocated for the railways department and private and foreign investment is expected this year for Railways.
  • 170 new engines will be bought this year for Pakistan Railways and 100 will be upgraded.

Special allocations for CP Economic Corridor

  • Rs. 3.5 billion for new Gwadar International Airport and 3 billion rupees for water supply in Gwadar are being allocated.
  • Pakistan has the capacity to connect the entire region. Therefore, we have allocated Rs. 185 billion for highways and roads construction with an increase of 65%. Lahore-Karachi Motorway is government s top priority.

Allocation for Power Projects

  • Subsidy worth 92 billion rupees will be provided to WAPDA and PECO.
  • KESC will be given subsidy worth Rs. 20 billion.
  • Government will pay the mark-up on the loans for the solar-based tube wells.
  • interest-free loans will be provided to the small farmers for solar-based tube wells.
  • 11 billion dollars have been allocated for Neelum-Jehlum power project.
  • 5 billion rupees have been allocated for Guddu Power Project.
  • Biggest part of the budget has been devised for renewable and cheap energy. Government has set a target to almost eliminate load shedding by the September 2017.
  • Diamir-Bhasha Dam is vital for the country. We have allocated 15 billion rupees for the acquiring of land for this project and Rs. 6 billion for constructing the first phase of this dam.
  • Rs. 142.41 billion will be spent on power projects and 10,000 mega watts will be added into the system by 2017.

About Ali

www.utvplus.com shows my passion of Blogging ...

One comment

  1. [email protected]

    great work

Leave a Reply

Your email address will not be published. Required fields are marked *