'Budget contains measures to address power woes'

Pakistan

'Budget contains measures to address power woes'

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WAPDA and power companies would also spend additional 115 billion rupees on power projects, he said.

02 June,2012 02:16 pm

Finance Minister Dr. Abdul Hafeez Sheikh has said the budget for the next financial year is aimed at maintaining economic stability‚ accelerating growth rate‚ checking inflation and bringing well-to-do in the tax net.He was addressing post-budget news conference along with Information Minister Qamar Zaman Kaira in Islamabad on Saturday afternoon to explain salient features of the new budget.The Finance Minister said the budget contains measures for self-reliance‚ fast growth‚ protection of vulnerable segments of the society from the impact of the global recession through subsidies and social safety nets and allocations of 183 billion rupees to address the challenge of power shortage.He said WAPDA and power companies would also spend additional 115 billion rupees on power projects to ensure availability of electricity to the people on lower rates.The Minister said Benazir Income Support Programme is a flagship programme to address the issue of poverty. He said allocations for the programme have been increased in the new budget to benefit maximum families.He said the low income groups would be provided targeted subsidy through discounted essential food items at Utility Stores.Hafeez Sheikh said the tax system has been simplified to benefit about 1.4 million tax payers.He said salaries and pensions of the Government employees have been increased by twenty percent which would help mitigate the impact of inflation.The Finance Minister said the rate of GST on different items has been brought down to 16% while the items on which the GST is less than 16% would continue to enjoy the existing rate.He said the turn over tax on the income of businessmen is being lowered from the existing one to half percent in the new budget.