national budget 2013-14

7/29/2019 National Budget 2013-14

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National Budget 2013-14

Presented By: XXX


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A government budget is a document plan of public revenueand expenditure that is often passed by the legislature,approved by the chief executive-or president and presentedby the Finance Minister to the nation.

The Government budget is also known as National Budget orFinance Bill of the country. This document estimates theanticipated government revenues and government

expenditures for the ensuing (current) financial year.

What is National Budget?


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Elements

The two basic elements of any budget arethe revenues and expenses.

In the case of the government, revenues are derivedprimarily from taxes. Government expenses includespending on current goods and services, which

economists call government consumption; governmentinvestment expenditures such as infrastructureinvestment or research expenditure; and transferpayments like unemployment or retirement benefits.


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Finance Minister, Ishaq Dar has presented the Federal Budget2013-14 on the floor of the National Assembly.

The Rs 3.5 trillion budget was formally approved by theFederal Cabinet earlier. The focus of the budget was on

overcoming the energy crisis, stabilization of the economy,cutting down on non-development expenditures andenhancing productivity through new growth strategies.

Overview


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The budget 2013-14 has the following salient features

The total outlay of budget 2013-14 is Rs3,985 billion. This size is

24.4% higher than the size of budget estimates 12-13.

The resource availability during 2013-14 has been estimated at Rs3,010 billion against Rs 2,719 billion in the budget estimates of2012-13.

The net revenue receipts for 2013-14 have been estimated at Rs1,918 billion indicating an increase of 7.9% over the budgetestimates of 2012-13.

Salient Features


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To meet expenditure, bank borrowing has been estimated atRs 975 billion which is lower than the revised estimates of2012-13 at Rs 1,576 billion.

Minimum pension raised from Rs 3000 to Rs 5000

PM house expenditure to be decreased by up to 44 percent

VIPs will not be allowed to import vehicles without payingduty and taxes

Cont..


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Youths below the age of 25 and holding a masters degreewill receive a stipend of 10,000 per month during a one yeartraining program. PM Youth Skill development program willbe launched

Hybrid cars up to 1200cc will not have any duty, sales tax orincome tax. Duty on Hybrid Vehicles 1200 to 1800 to bereduced by 25 percent

Sales tax to be increased from 16 to 17 percent

Cont..


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Merchant and traders tax rate to be set at 25 percent

Adjustable withholding tax is being introduced for wedding

ceremonies

Steps should be taken to set up a system which collectstaxes from those who do not pay them

Rs 8 billion allocated for social welfare

Rs 57 billion allocated for higher education

Cont..


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Work on Karachi Circular Railway is underway with theassistance of Japan and it will be completed soon

Rs 225 billion of the development budget has beenallocated for the energy sector

Rs 340 billion earmarked for development projects

Employment oppurtunities will be created in the privatesector

Cont..


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Comparision


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national budget 2013-14

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