Budget being appreciated by people from all walks of life: Fawad Ch

Pakistan

Budget being appreciated by people from all walks of life: Fawad Ch

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SLAMABAD (Dunya News) – Federal Minister for Information and Broadcasting Fawad Chaudhry on Saturday said that federal budget presented by the PTI government is being praised by people from all walks of life.

Fawad Chaudhry, in a tweet, said that opposition has not read the budget documents and this usual attitude of the opposition parties is irresponsible.

Nation cannot expect anything from such incompetent opposition, he added.

It merits mention that Minister for Finance and Revenue Shaukat Tarin on Friday presented the Federal Budget 2021-22 in the National Assembly with a total outlay of Rs 8,487 billion amid rumpus created by the opposition parties.

His speech was marred by the chaotic environment as opposition members chant slogans to interrupt his speech.

Presenting the budget, the finance minister said that many challenges came our way this year but we tackled them all under the leadership of PM Imran Khan.

Funds allocated 

• The government has allocated Rs260 billion for the Ehsaas programme.
• The government has allocated Rs900 billion for public sector development programmes. 
• The government has allocated Rs12billion for agriculture.
• The government has allocated Rs23 billion for Diamer and Bhasha dams.
• The government has allocated Rs14 billion for Neelum-Jhelum hydro-power plant.
• The government has allocated Rs 489.393 million Narcotics Division
• The govermemnt has allocated Rs 6,027.351 million for Law and Justice Division schemes.
• The government has allocated Rs 4461.911 million for Maritime Affairs.
• The government has allocated Rs244 billion for Gwadar airport and highway.
• The government has allocated Rs25 billion for small dams in Sindh.
• The government has allocated Rs118 billion for energy and power projects.
• The government has allocated Rs22 billion for Jamshoro coal power plant.
• The government has allocated Rs16 billion for KI, KII projects in Karachi and Tarbela power plant.
• The government has allocated Rs100billion for special development packages for the development of poorer cities.
• The government has allocated Rs54 billion for the development of KP’s merged districts.
• The government has allocated Rs14 billion for tree plantation programmes and combatting climate change.
• The government has allocated Rs739 for Karachi transformation plan.
• The government has allocated Rs100 billion for covid-19 emergency fund.
• The government has allocated Rs1.1 billion for the procurement of coronavirus vaccines.
• The government has allocated Rs12 billion for SME support programmes.
• The government has allocated Rs10b for Kamyab Naujawan programme.
• The government has allocated Rs66 billion for HEC and education programmes.
• The government has allocated Rs60 billion for Azad Jammu and Kashmir.
• The government has allocated Rs47 billion for Gilgit-Baltistan.
• The government has allocated Rs1,373 billion for Defence Services.
  
• The government has allocated Rs 66 billion for Higher Education Commission (HEC).
• The government has allocated Rs 8,341 million for Science and Technology Research Division.

Key Features 

• All government employees to get 10% adhoc relief allowance from July 1, 2021
• Pension to get 10 percent raise from July 1, 2021
• From grade 1 to 5 government allowance to get increase allowance to Rs 900 from Rs 400
• Minimum wage increased to Rs 20000 per month
• On 300 active pharmaceutical industries have been exempted from customs duties
• On several raw material used in industries has been either exempted or duties have been reduced
• Total incentives due to lowering of duty will amount to Rs 25 billion a year
• Tax lowered on warehousing, logistics services and collateral from 8% to 3%
• Withholding exempted on Electronic warehouse receipts of PME
• Telecommuincation sector has been given industrial status
• Special technology Zone would be established aimed with 10 year tax holiday
• Imports of capital goods would be duty free for technology zones
• SMEs having a turnover of Rs 100 million per year have to pay tax of 0.25%
• Sme turnover of rs 100 million to Rs 250 million tax levy of 0.5%
• Government to introduce one pager tax return document for SME
• IT sector would be for freelance and other services
• Final regime tax for IT sector would be 1percent and no question would be asked
• Wholesaler and retailers and AOPs minimum tax limit has been increased
• Minimum tax level has been raised to Rs 100 million
• Proposed that turnover tax and withholding tax will be levied on other sector which are active payer list
• Number of Real time point of sale in two years will be increased to five lac from 11000 retailers
• Propose on individuals and AOPs minimum tax rate to be raised from Rs 10 million to Rs 100 million
• Tax rate to be reduced to 1.25% from 1.5%
• Every year tax rate will be reduced
• Capital gains tax has been reduced to 12.5% to 15%
• Withholding tax on mobile phone reduced to 10% from 12.5%
• Tax rate will be reduced to 8%
• Federal excise duty has been imposed on usage of over three minute calls and SMS
• Withholding tax on 12 sectors have been removed
• Sectors are banking transactions, PSX, margin financing, air travel service, debit and credit cards on overseas buying
• Sales tax on 850 cc cars reduced to 12.5% from 17%