Presenting the budget of Finance Minister Dr Miftah Ismail 19-2018 during the National Assembly meeting
Islamabad … News Time
Finance Minister Dr Miftah Ismail has presented a budget of over Rs 5,322 billion for the financial year of 19-2018 during the conflicts of government and opposition members. During the National Assembly meeting, while presenting the budget of Finance Minister Dr. Miftah Ismail 19-2018, the government could not take a step without approval of the budget. The government was found to be in ruined economy, the investment and development in the country was low, In the 5 year period of the previous government, the increase in the development expenditure was 230 percent. The government has restricted financial deficit to 5.5 percent, while growth rate growth continued to grow. This budget reflects public opinion.
Development budget:
20 billion 43 billion rupees have been allocated for the federal government for the next fiscal year, 10 billion rupees for federal in the development budget, while 10 billion rupees have been allocated for the provinces.
Tax recovery target:
The FBR has targeted the target of Rs 4,435 billion in the next fiscal year.
Defense:
The country’s defense budget for more than 180 billion has been increased for 2018-19. 1100.3 billion In this regard is proposed to be allocated.
Salary and pension increase:
For the next fiscal year, the government has kept more than 342 billion rupees for retired government employees. Budget for government employees and 10 percent increase has been proposed for all pensioners. The minimum rate of pension has been increased from 6 thousand rupees to 10 thousand rupees in the Hain Rent Alliance. For 75 years retired government employees, minimum pension is proposed to be Rs. 15,000.
Railway development:
For 2018-19, the proposal of allocation of 40 billion rupees in the development of the Pakistan Railways budget, out of which 27 billion 75 billion rupees for 29 ongoing projects and Rs. 12 billion 24 million have been kept for 10 new schemes.
Health:
The budget for the financial year 19-2018 is proposed to allocate. Out of which, 20 billion rupees have been proposed for allocation of Rs. 48 billion, 89 lakh 88 thousand and 36 billion 29 million rupees for 36 new projects. 37 billion rupees have been allocated for basic health in the budget; it has been proposed to eliminate customs duty on all medicines of cancer.
Education:
7 billion rupees have been added to education, allocated amount has been increased from 9.18 billion to Rs.17 billion and Rs. 42 billion. Similarly, 4 billion 33 million have been allocated for the development expenditure of Ministry of Education and Technical Training.
Benazir Income Support Fund:
124 billion rupees have been allocated for the Madhya Pradesh Income Support Fund for the next fiscal year.
Income tax on income:
For financial year 19-2018, Non-filtration Company is proposed to increase the holding holding rate from 7% to 8 percent; Non-fileners will not be allowed to buy property worth more than Rs. 40 lakhs, Taxpayers will not have to face audits more than once in 3 years, plus one holding adjustable tax tax on property and one percent adjustable income tax is also proposed on the buyer’s value.
Sales Tax Finish on Computers:
Sales tax exemption has been proposed on import of 21 paragraphs of the preparation and assembly of laptops and computers in the financial year to 2016-2018. Development Budget for Ministry of Interior:
For the fiscal year, 19-2018, the federal government has proposed to allocate a budget of 24 billion 20 million rupees for the overall 59 ongoing and 71 new projects of the Ministry of Interior. 59 billion rupees for 59 ongoing projects and Rs 11 billion 20 million worth Rs. 71 lakh for 71 new schemes have been proposed.
Supply of justice:
In the new financial year, a proposal has been proposed to allocate one billion rupees 50 lakh rupees for pre-released and new development projects in the development budget of Ministry of Law and Justice.
Aviation Project:
The federal government has proposed to allocate 4 billion 67 million 87 thousand rupees for the total 13 projects of Aviation Division in the federal budget of the next fiscal year.
Subsidy on fertilizer:
A sale tax rate on urea fertilizer is 5% and dap is sold at Rs 100 per kg however, in the new budget all types of fertilizers are proposed to reduce the sales tax rate by 3%.
Tax exemption on LNG:
Budget for the next fiscal year has been proposed to end the 3 percent value edition applicable to LNG.
Holy Quran Print:
Sales tax and customs duty on paper used in printing of Koran has been proposed.
FATA Development:
The budget has been proposed to allocate 24.5 billion rupees for FATA, while specialty program of Rs 100 billion has been included to include FATA nationalstream.
Cigarette expensive:
To reduce the smoking trend, the government has proposed to increase the Federal Excise duty on cigarettes, The Federal Excise duty on Tier One Cigarette is proposed to be Rs 3 thousand 964, Tire-to-Cigarette is Rs. 770, while Federal Excise duty has been proposed to set up 848 rupees on Tier-Third Cigarettes.
Prime Minister’s Scheme for Youth:
10 billion rupees have been allocated for various Prime Minister Schemes for youth in the new budget. Reduction of customs on electric vehicles:
Custom duty rates imposed on imports of vehicles are reduced from 50% to 25%,in the budget, 16 percent customs duty imposed on the charging station has been terminated. Apart from this, CKD kit has been proposed to import at a discounted rate of 10% for the assembly of electric vehicles.
Karachi package:
The plant will be built in Karachi to make use of seamless water, which will provide 50 million gallons of water; the federal government has also offered to buy buses for the Green Line project in the budget.
Pakistan Atomic Energy Commission:
The federal government proposes to allocate Rs. 30 billion 4 crores for 34 projects of Pakistan Atomic Energy Commission in the next financial year budget.
Science and Technology:
The government has proposed to allocate a billion rupees 66 billion budget for 19 ongoing and 11 new projects of Ministry of Science and Technology.
Eyes of the eye will now be cheap:
The Government has proposed to reduce the cost of views in its last budget to reduce customs duty by 3% to 3 percent.
Relief in fields of agriculture, dairy and poultry:
The government has suggested relief in the fields of agriculture, dairy and poultry in the next budget under which the duty of poultry sector has been decided to reduce customs duty from 5 to 5 percent on import of different vitamins.
Encourage investments in movies:
50% discount on income tax for 5 years has been proposed for those investors and companies on budget projects. Fund will also be set up for financial assistance of deserving artists.
Energy:
Budget is proposed to allocate Rs 7 billion for 65 projects of Power Division under the energy sector development program. For more than 65 billion rupees for 47 fiscal projects last year and Rs 7 billion 15 crore is proposed for allocation of 18 new schemes.
Hydropower and Water Resources:
Under the government’s development program in the next fiscal year budget, the proposal is to allocate Rs 200 billion for the Ministry of Water and Power for all the 101 projects of water resources. It has been recommended to allocate Rs 137 billion for the five power projects, which is proposed to allocate 63 billion rupees for 8 schemes of water sector.
Opposition leader Khursheed Shah’s objection objection:
On the formal start of the meeting Khursheed Shah, leader of the opposition, said that it is happy to fulfill the Parliament’s second time period, government’s term will end May 30, the interim government will come from June 1. The current government does not have the right to offer the budget of the coming government; the government is snatching the right to the coming government by presenting the budget today. He said that honor of Nawaz Sharif is to honor the vote but today the government is destroying the honor of the vote, Today it has been abundantly abused by Parliament, I often say respect the Parliament and make decisions in Parliament, Today, once again the Parliament is being decided because for the first time an unauthorized person is offering a budget of the Parliament. Rana Afzal was elected by the government.
Shah Mehmood Qureshi’s protest:
One month’s guest government is not a moral license to offer a one-year budget; apparently the unselected person is offering a budget, I am sympathized with Rana Afzal Sahib. Today you will approve the budget because you have a majority but do not give birth to new tradition in Parliament.
Prime Minister’s answer:
On the protests of the opposition, Prime Minister Shahid Khaqan Abbasi said that Rana Afzal is the Minister for Finance and is worthy of us. It is not permissible to submit Matiat Ismail’s budget, for the budget preparation, which also has the right to present it hard. Prior to the meeting of the National Assembly Shahid Khaqan Abbasi, a special meeting of Federal Cabinet headed under the head of the next financial year, was approved.
