Web Desk (24 News) — Finance Minister Ishaq Dar unveiled the government’s last budget on Thursday for 2017-2018. Government has achieved its goal of 5% growth for the last year and has set the target for 6% increase for the upcoming year.
Pakistan Muslim League Nawaz (PML-N) government has earmarked up to Rs 1 trillion for Public Sector government, a predictable move going into the election year.
Government has allocated up to Rs 920 billion for defence budget for the fiscal year 2017-2018. Previously the budget had been set at Rs 841 billion.
Special allowance to be granted to Armed Forces personnel, in addition to pay increase.
Pay Increase for govt employees:
Ishaq Dar has annnounded 10% increment for salaries of government employees.
Rs 35 billion has been set as education budget for the coming fiscal year.
Agriculture Credit target has been set at Rs 1 trillion, an increase from the last year of Rs 700 billion.
Price of NP and NP urea will remain same, says Dar. The price of a bag of urea is Rs 1400, he added.
Insurance schemes will be introduced in agricultural sector.
The bar for minimum wage has been set to Rs 15,000 from 14,000.
Tax Net & Collection:
Tax revenue for the year 2016-2017 is Rs 3521 billion. Ishaq Dar revealed that there is an increase of up to 80% from first year of PML-N government. Increase in revenue target has been set at 14%, said Dar.
Banking & Financial Sector:
Withholding tax on transactions has been abolished.
Compensation for martyrs & widows:
Government has announced a financial scheme to facilitate families of martyrs of Army and Police personnel.
Loans of up to Rs 0.5 million will be written off by the government.
‘Qaumi Bachat Scheme‘ announced for families of martyrs of Law Enforcement Agencies (LEAs).