Yesterday Finance Minister of Pakistan Mr Ishaq Dar has presented federal budget 2015-16 before parliament. In this budget government employees just got an increment of 7.5% in their salaries. Pakistan Army, that actually needs the money, has got a major part of this budget because of their efforts for the defence of Pakistan.
Further highlights are given below.
Taxes on Rice Mills to be removed.
Pension of all Govt employees increased by 7.5%.
4 years Income Tax exemption for FIRMS verifying Halal meat.
7.5% increment in the salaries of federal employees.
Tax on salaried class reduced from 5% to 2%.
Custom duty reduced from 30% to 20 % on import of Used Housing Machinery.
71.5 billion allocated for higher Education,14 % more than the previous year.
The government has announced more incentives for agriculture sector in the new budget to boost agricultural product in the country.
Announcing the budget, the Finance Minister said that about three lakh farmers would be given soft loan under Credit Guarantee Scheme.
He also announced to launch Prime Minister’s Health Insurance Scheme at a cost of nine billion rupees to provide insurance to the patients suffering from serious and contagious diseases.
He said all-out efforts have been made to save the poor from new taxes and measures will be taken to bring the rich in the tax net.
The Finance Minister also announced several tax relief measures to promote corporate culture and documentation of economy.