The National Assembly on Thursday approved the federal budget for the next 2013-14 fiscal year.
The total outlay of the federal budget for next financial is Rs 3591 billion‚which is focussed on improving economy and provide incentives to the investors to trigger economic activity.
Federal Finance Minister Ishaq Dar presented the Finance Bill 2013-14 in the Assembly following which a debate was held on the bill.
The National Assembly gave clause-wise approval to the Finance Bill.
During the debate, the Assembly approved an amendment in the clause 3 of the bill seeking to impose additional 9 percent general sales tax on the CNG stations.
The Assembly also approved an amendment in the clause 4 of the Finance Bill under which income tax rate for the salaried class was reduced.
The Finance Bill 2013-14 will become effective from July 1 – the start of the next fiscal year.
The budget has been designed to ensure a progressive way to revive and strengthen the economy‚ bringing stability in all fields. It envisages stress for creating new employment opportunities and development of infrastructure to give a boost to economic activities.
The government has decided to retire over five hundred billion rupees circular debt within sixty days which will help reduce power load shedding.
It also includes several relief measures for common man including ten percent in Salaries of government employees and ten percent increase for pensioners. Minimum wage has been increased to 10‚000 rupees per month. Recipients of Benazir Income Support program will now get twelve hundred rupees per month.
Steps have also been taken to facilitate youth for self employment and a number of schemes including laptop scheme at the federal level has been introduced.
A housing scheme has also been announced in the budget to provide shelter to the shelterless all over the country.
Various measures have been announced in the budget to bring down fiscal deficit.