The summary of the budget speech of finance minister is below:
Hafeez Shaikh said that the total amount of budget is Rs 2,960 billion while the government owned news wire service APP reported that the budget amount is 3.1 trillion.
The budget deficit has been set at Rs1,184 billion.
The government has set the target of tax collection at Rs 2, 504 billion, whereas Rs 730 billion has been set as non taxable revenue.
Prime Minister house will be transformed in an Institute of Advance studies.
The government made a sacrifice of Rs70 billion to relieve people from the rising petroleum prices.
Rs 264 billion has been allocated for Pakistan Army; Rs 114 billion for Air Force and 52 billion for Navy after deduction of Rs 230 million fro last fiscal year.
Withholding tax to be levied on the two times withdrawal of Rs 50,000 cash in 24 hours, whereas no withholding tax on withdrawing Rs25,000 cash from banks.
As many as 100,000 youngsters to be provided employment trainings in next current fiscal year.
Government will open 2,000 new utility stores aimed at providing relief to around 300,000 families.
20% Ad hock allowance will be given to pensioners and Government employees.
Federal Excise duty will be abolished on 10 different sectors including Cement, Asset Management and raw materials of Pharmaceutical industry.
The rate of Custom duties has been reduced to 30% from 35%.
Rs 134 billion subsidy allocated for WAPDA and PEPCO, state owned power generation and distribution companies.
Government has allocated Rs10 billions for exports development fund.
The finance minister has concluded the speech at 6:40pm PST.
6:17: Opposition members keep chanting ‘MUK GAYA TERA SHOW GEELANI, Go Geelani, Go Geelani’ during address of Hafeez Shaikh.
6:15pm: Hafeez Shaikh had to stop his budget address due to a fight between PPP and PMLN members.
6:14pm: PML-N member through budget document on Finance Minister.
Finance Minister Abdul Hafeez Shaikh will announce the budget during the National Assembly session, which is expected to begin at 6pm.
Earlier, the federal cabinet approved budget 2012-2013 during meeting here on Friday.
The cabinet met with Prime Minister Yousuf Raza Gilani to discuss budget proposals hours before the government presented fifth and last budget during its tenure, which is being extensively dubbed election budget.
According to reports, the government will present Rs3.1 trillion budget for the next fiscal year.
According to sources closed to Pakistan Muslim League – Nawaz, PML-N is expected to protest during the budget session and will also stage a walk-out.
Earlier Pakistan’s state owned news wire service APP reported that the government has allocated Rs22,877 million for 37 development projects of the Pakistan Railways in the Public Sector Development Programme (PSDP) 2012-13.