Updated on
Summary
The budget for the fiscal year 2010-11 worth Rs 2.5 trillion with special emphasis on protecting the economic gains will be presented in the National Assembly today. A significant increase of 50 percent in basic pay is expected to be announced for government employees.The federal government is expected to allocate Rs 672 billion for debt refinancing. Due to the ongoing military operations against militants and the ongoing war against terrorism, the government will allocate Rs 448 billion for defense budget. Budget deficit is expected to touch Rs 682 billion while Rs 663 billion has been allocated for the development budget. The revenue collection target has been projected to Rs 1.670 trillion.In the budget, the income tax relief for the salaries class is also expected to be announced and the exemption limit will be enhanced from Rs 200,000 to Rs 300,000. A budget relief in the shape of Ad-hoc Relief Allowance 2010, ranging between 35 to 40 percent for civil and federal government employees would be announced with no revision in pay scales and other allowances.Prime ministers adviser on finance, Dr Hafeez Shaikh, who is taking oath as the federal minister for finance today, will present the budget in the National Assembly and then in the Senate.
