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Pakistan Federal Budget 2015-16 complete



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Pakistan Federal Budget 2015-16 complete

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 for Pakistan Federal Budget 2015-16 complete.

Pakistan Federal Budget 2015-16 complete

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.
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