Pakistan Federal Budget 2016-17 has been announced with the volume of Rs.4395 B by Ishaq Dar in National Assembly today on 3rd June on Friday 2016 while while the tax collection target is at Rs 3621 billion and non-tax revenue target is going to be Rs 960 billion. The topics of this post are Salary Increase in Budget 2016 and Federal Budget 2016-17 Highlights in comprehensive manner.
In Budget document Highlights presented by ishaq dar total Federal Budget volume is 4395 billion. This year Defence budget has increased due to Operation Zarb-e-Azb and it is set for Rs.860 billion by increase of Rs160 billion in year 2016-2017.Exports declined by 9.6%, now stands at $18.18 billion. Imports declined by 4.6%, now stands at $32.73 billion says Ishaq Dar.
Federal Budget 2016-17 Highlights for all aspects of life for both government servants as well as for private sector employees, Agriculture, energy production and Salary Increase in budget 2016 on www.donpk.com.
- We had taken over the government in 2013 when the economy was shattered and now all fears have gone away. Pakistan is emerging in global map with great potential in all fields of life.
- We have increased over 60% tax collection that is recorded in the history of Pakistan.Trade deficit was negative in 2012-13 and is 312 billion rupees now.
- Exports revenue remained low this year because of commodity low prices globally. Interest rate is at the lowest in last several years with just a rate of 5.75%.
- Per capital income has reached 1561 dollars today.
- In June 2013, State Bank had just 6 billion dollars and now they have risen to 16.8 billion dollars while the commercial banks have 4.8 billion dollars, totaling to 21.6 billion dollars, the highest in Pakistan s history.
- Current account deficit has remained at 1% during the last one year.
- The tax-collection target of Rs 3104 billion will have been achieved by the end of June 2016.
- In Energy Sector government aimed as top priority and in 2018 March we will get over 10,000 Mega watts of electricity more. Dasu Dam and Bhasha Dam will continue after March 2018 as well
- According to Pakistan Social and Living Measurement survey, the poverty ratio has dropped to 29.2% in 2016.
Federal Budget 2016-17 in different Sectors
Benazir Income Support Program: Federal budget 2016-17 has been enhanced to Rs 115 billion in the Budget 2016-17. The number was 3.7 million in 2012-13 while it is 5.3 million right away. The regular payment used to be Rs 12,000 annually for each family while now it is Rs 18,000.
IT: With Universal Service Fund, telephone and IT will reach regions of Balochistan and FATA with Rs 2.43 billion, while Rs 9.52 billion will be spent on already running projects. Institutes for women have also been furnished with computer labs. Don pk is here to share the detail about Federal Budget 2016-17 Highlights.
Will bring financial deficit to 4% in Budget 2016-17 and it will be brought down to 3.8% next year. Development budget has always been reduced in order to lend constancy in the budget but the current government has increased it to Rs 800 billion in Federal Budget 2016-17. A comprehensive strategy has been invented to improve public-private sector in development projects.
Imports remained at 32.7 billion dollars during 2015-16.
Exports declined by 11%, now stands at $18.18 billion. Imports declined by 4.6%, now stands at $32.73 billion, says Ishaq Dar.
Rs 32 billion being apportioned for Dimer-Bhasha Dam; Rs 42 billion being allocated for Dasu Dam. 15000 Mega Watts will be added to the national grid with the help of these dams and other water projects. Funds will also be allocated for small dams in KP.
Rs 380 billion being allocated for energy projects in Budget 2016-17.
Karachi Civil Nuclear Power Project, Chashma Civil Nuclear Power Project are also on the table. The
Budget 2016-17 for Education:
Rs 79.5 billion being allocated for higher education.
Budget 2016-17 for Highways:
Pakistan has the ability to connect the entire region through roads. Rs 188 billion have been allocated for construction of roads, bridges, which is 18% more than the previous budget. Lahore-Karachi Motorway among these projects is on the top priority for the government.
Budget 2016-17 for Railways:
Railways is among our top priorities. Green Line Train is Pakistan Railways great achievement. Khanpur-Lodhran, Port Bin Qasim railway lines are also being built up. Rs 14 billion have been allocated for purchasing new carriages and wagons. Rs 78 billion have been allocated for Railways in this budget. Foreign and private investment is also expected next year in this fiscal year.
Salary Increase in Budget 2016
Every Govt employee have the reason to wait is Salary Increase in Budget 2016 2017 whole year. 10% increase in salaries announced for the government employees. Minimum monthly salary increase in budget 2016 for laborers raised by Rs 1000 to Rs 14,000 now. 10% increase in pensions of retired officers also announced. Federal govt pensioners of age more than 85 years to get 25% increase in pension. Pensioners from former East Pakistan currently have Rs 2000 pension, it is being increased to Rs 6000 now. Pay scales from Grade 7 to 14 raised. The cost of living increases by year chart for Govt workers is not fully satisfied
Budget 2016-17 for TDP:
Operation Zarb-e-Azb has been of great help to improve law and order situation in the entire country while foreign investment has also enhanced. This was possible only due to the forfeitures of the Pakistan army.
Pakistan is exporting much less than its potential. Government had announced many projects for this purpose in previous budget. Many of the projects have already been completed. We are annoucing new projects in this budget as well.
Budget 2016-17 Agriculture sector:
- Fertilizer costs have been cut down during the last few months. Government reduced the cost of fertilizer bag from Rs 2050 to Rs 1800 and Rs 50 will be reduced further.
- The price of urea is being set at Rs 1400 compared to Rs 2100 previously.
- DAP cost will also be reduced from Rs 2800 to Rs 2500 from July 1. Federal and provincial governments will contribute equally in this reduction as well.
- Government has decided to reduce the price of electricity for agriculture sector to Rs 5.33 per unit.
- Custom duty also being reduced from 5% to 2%.
- 7% sales tax on pesticides has been abolished.
Federal Budget for Fish farming:
Duty being reduced from 5% to 2%. The duty for crab and prawn food is 20% but this duty has been Do away with this year. Custom duty on import of small fish was 10%. It is being abolished.
Investment Detail :
Custom duty on machinery and raw material currently has 5% custom duty, it has been reduced to 3% now. industry turnover is Rs 5 million now for the granting immunity of sales tax. The bar is proposed to be set to Rs 10 million now.
Energy Sector Improvement:
Federal budget 2016-17 has improvement in Energy sector such as LED lights currently have 20% duty, it is being reduced to 5%. Custom duty on import of solar panels is 0% right now, the policy has been extended till June 30, 2017.
Financial sector Improvement:
PM Health Insurance Scheme has been started in cooperation of provincial and federal governments. Insurance cover is being provided to poor people and Rs 9 billion have been allocated for it. Currently the scheme is for 23 districts and it will be expanded to more districts in future. Hospitals will get low interest loans under this scheme.
texas state budget 2016 17:
- 10% capital gain tax to be imposed on selling property within five years.
- Corporate tax ratio to be fixed at 31%
- Taxes to be imposed on showing foreign TV dramas and serials in Pakistan.
- Super Tax to remain intact for another year.
- Tax on each bag of cement raised to Rs 50 from Rs 25.
- Customs duty on import of eggs, chicken raised from 6% to 11%.
- Customs duty of frozen fish raised to 20%.
- Customs duty on dry milk raised to increased by 45%.
- 10% customs duty on car tyres abolished.
- Duty on almonds import raised from 10% to 20%.
There are different types of criticism of opposition party members and of the people of Pakistan on Federal budget 2016-17. They say that it is the only Words Drama and Salary increase in budget 2016 has no more for middle class person. In this age it is not easy to get all fundamentals of life by getting this stuff. People of Pakistan totally rejected the Federal Budget 2016-17 Highlights and all its fruits.