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budget 2014-15

New tax will not affect the common man, says Dar

ISLAMABAD: Finance Minister Ishaq Dar pledged on Wednesday for not allowing anyone to make artificial hike in price with the name of budget, ARY News reported. While addressing the post-budget news conference to explain salient features of the budgetary proposals in Islamabad on Wednesday, Ishaq dar said amendments can be made in the budgets on getting good suggestions. The Minister said an EXIM bank on the pattern of China and the United States would be established adding that its paid up capital would be Rs. 10 billion.…

Highlights of Budget 2014-15

ISLAMABAD: The Finance Minister Ishaq Dar presented a federal budget 2014-15 with a total outlay of Rs 3.945 trillion in the National Assembly today, ARY News reported. Following are the salient features of the budget 2014-15 BUDGET HIGHLIGHTS:  Total Budget outlay: Rs 4.305 trillion. Provincial transfers: Rs 1.720 trillion. Fiscal deficit: which was registered at 5.5% during Jul-Apr 2012-13, has been brought down to only 4.0% for the same period this year. Public Sector Development Program (PSDP): Rs 1.17…

Withholding tax on marriages, functions reduced to 5pc from 10

ISLAMABAD: Highlighting the relief measures during his budget speech on Tuesday, Finance Minister Ishaq Dar said government has decided to withdraw (Federal Excise Duty) FED from those provinces which have imposed General Sales Tax (GST) on Telecom Services, ARY news reported. The Minister said that in areas where FED shall continue to be collected, the rate is proposed to be reduced from 19.5 per cent to 18.5 per cent adding that government has been decided to reduce the rate of Withholding Income Tax on telephone services…

Budget 2014-15: Govt earmarks Rs 205bn for power sector

ISLAMABAD: The government has allocated a sum of Rs 205 billion to execute different projects for the power sector. Finance Minister Ishaq Dar, during his budget speech in the National Assembly, said widespread power shortages had badly damaged our industrial sector and added to the sufferings of the common people. “We have taken a number of steps to address structural problems of the sector including reduction in system losses, improvement in recoveries, elimination of theft and settlement of inter corporate circular debt.…

Rs.6bn assigned for PM’s low housing scheme: Dar

ISLAMABAD: Finance Minister Ishaq Dar while presenting the federal budget 2014-15 on Tuesday unveiled government’s initiatives to facilitate provision of housing in the country. The Minister informed that government designed a program to provide housing credit to low cost housing units to enable the poor to have their own houses. According to scheme loans up to Rs. 1 million will be provided by Banks and financial institutions, the government will guarantee 40 per cent of the portfolio amount. “The scheme will cover all…

Budget 2014-15: Minimum wage raised to Rs 11,000; pension up by 10%

ISLAMABAD: The government has proposed increase in minimum wage from existing Rs 10,000 to Rs 11,000 in the budget for 2014-15, ARY News reported Tuesday. According to Finance Minister Ishaq Dar during his budget speech in the National Assembly, a 10% ad-hoc relief will be allowed to all federal government employees with effect from 1st July 2014; Similarly,a 10% increase will be allowed to those employees in Grade-1 to 15 drawing fixed medical allowance of Rs.1000 per month; a 5% increase will be allowed in conveyance…

Govt unveils Rs 3.9tr federal budget 2014-15

ISLAMABAD: The Finance Minister Ishaq Dar presented a federal budget 2014-15 with a total outlay of Rs 3.945 trillion in the National Assembly today, ARY News reported. In his speech, the finance minister said the direction of economy had been corrected with the policies of the government in a year. Dar said that the economic growth rate of the country has increased to 4.14 percent, which is the best in the past six years. Describing positive economic indicators Dar said that the per capita income of the country has…

Govt targets 5.1% GDP growth rate in budget 2014-15

ISLAMABAD: The government has pitched the GDP growth rate target at 5.1 per cent in the budget 2014-15, having a total outlay of Rs 3.96 trillion, ARY News reported Tuesday. According to budget documents obtained by ARY News, export target for the FY2014-15 is estimated at $ US 27 billion. Similarly, the target of big industries development is estimated at 7% and small industries 5% of the GDP, respectively. The government also decided to increase 10% in salaries of government employees.

MQM presents federal shadow budget 2014-15

ISLAMABAD: Leader of Muttahida Qaumi Movement (MQM) Dr. Farooq Sattar said on Monday that economic crisis of the country can easily be countered by bringing three million tax defaulters in tax net, ARY News reported. While presenting shadow budget via press conference in Islamabad today, Dr. Farooq Sattar suggested the relief can only be given to the people by decreasing price of electricity, petroleum products and food commodities. He warned that a private paper may be sent to whom the government has issued Rs 3.5 billion…