Finance Minister Ishaq Dar Presents Pakistan’s Federal Budget 2017-2018

The most awaited budget 2017 of Pakistan is being presented today by finance Minister Ishaq Dar .

LIVE UPDATES 

Here are the main highlights :-

• Eradicating loadshedding will be the top priority and Rs.404 billion will be allocated for that .
• Ishaq Dar highlights that for the very first time in Pakistan PML N Prime Minister and Finance Minister present the budget for fifth consecutive year.
• As per Ishaq Dar Pakistan will be a member of G-20 by 2030.
• Pakistan is targeting 6% GDP growth in 2017-2018.
• Rs. 1.5 billion have been allocated for the Gwadar East Bay Expressway.
• Rs. 10.6 billion have been allocated for the construction for the Havelian Dry Port.
• Number of families being facilitated thru the Benazir Income Support Programme will go up from 3.7 million to 5.5 million.
• Lending rate for farmers will be reduced from 14-15% to 9.9% and target has been increased from Rs.700 billion to Rs. 1.001 trillion for 2017-2018.
•  Withholding tax on branchless banking is being waved.
• In 2012-13 the Federal Board of Revenue collected Rs1,940 billion and the revenue now stands at Rs3,521 billion which shows an increase of 81% in four years.
• Good news for the mobile users ”WHT on mobile phone calls has been reduced from 14% to 12.5% and Sales tax on mobile phone calls have been reduced from 18% to 17%”.
• Custom duty on smartphones decreased from Rs.1000 to Rs.650.
• A motivation for young breed of IT professionals and entrepreneurs as New IT companies will be a given a tax break of three years.
• The Defence Budget has been increased to Rs920 billion.
• 10% increase in salaries of Government employees.
• 14% increase in FBR revenue target .
• 10% increase in salaries of army officers and an additional special allowance of 10% of their income will be given.
• The rate of corporate tax has been reduced from 35% to 30% for 2017-2018.
• Rs. 118 Billion subsidy on Electricity given.
• Gwadar Development will get 31 billion.
• Non Tax Revenue Target set at Rs.970.9 billion.
• Insurance premium increased from Rs 0.2 million to Rs 0.3 million.
• Overseas Pakistanis to be given incentives to invest in Pakistan.
• Rs. 38 billion allocated for Dera Ismail Khan motorway.
• Rs 10 billion allocated for National Health Programme.
• Farmers will be provided Rs.27 Billion subsidy in power consumption.
• Rs.180 Billion allocated for CPEC projects.
• Rs.378.8 billion allocated for government operations.
• The Government will pay off pending loans amounting up to Rs.500,000 on the behalf of widows.
• Rs.430 billion allocated for grants and transfers and Rs.138 billion in subsidies.
• Rs.$1 billion will be raised through a special convertible bond for overseas Pakistanis.
• 43% increase in Agricultural loan for farmers.
• A new 5% withholding tax on tobacco production is set to be imposed.
• Minimum wage increased from Rs.14,000 to Rs.15,000 per month.
• Total health budget Rs.49 Billion.
• Rs. 38 billion to be allocated for improving water reservoirs.
• Rs.6 billion allocated for housing industry.

Sam Irfan