Summary Federal cabinet approved budget 2014-2015.
ISLAMABAD (Dunya News) – Pakistan Muslim League Nawaz (PMLN) led federal government is presenting its second budget for the fiscal year 2014-2015 on Tuesday. The budget is worth approximately Rs 3945 billion, Dunya News reported.
The highlights of the budget include the increase in salaries of employees by 10-15%, allocation of Rs 525 billion for developmental projects and the projected allocation of Rs. 700 billion for the defence.
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7:44pm
Minimum salary of government employees raised from Rs 10,000 to Rs 12,000 per month.
The minimum pension has been raised from Rs 5000 to Rs 6000 per month.
7:39pm
Tax on cigarettes raised, prices to go high.
7:29pm
Tax evaders will be charged 0.2% additional tax on every bank withdrawal.
7:27pm
Government to form National Food Security Council to strengthen agricultural sector.
7:25pm
Phone call rates likely to be reduced, Ishaq Dar announces that federal excise duty will not be imposed on telecom services if provincial tax is imposed.
7:22pm
Corporate sector taxes reduced by 1%
7:10pm
The tax collection target has been set at 3945 billion after a 10% increase.
7:04pm
1 billion rupees will be allocated for Prime Minister s Health Insurance Scheme.
7:01pm
The allocation for agriculture related loans set at Rs 500 billion.
Loans worth Rs 10 lakh will be given to low-income families, state will be the guarantor of 40% of the loan amount.
6:58pm
Those owning livestock with over 10 animals will be given livestock insurance.
Sales tax imposed on tractors will be set at 10%
Farmers owning 5 acre irrigated land and 10 acre rainy lands will be given loans worth Rs 1 lakh.
6:53pm
Rs 8000 stipend will be given to trainees in textile sector: Dar
6:44pm
Rs 26 billion 80 crore have been allocated for the health sector.
6:40pm
Rs 77 billion have been allocated for the railways.
6:38pm
500 railway engines will be brought to the system in 5 years: Dar
World Bank is expected to fund $700 million for Dasu Dam: Dar
6:36pm
Rs. 30 billion have been allocated for Karachi to Lahore motorway: Ishaq Dar
6:27pm
Initiatives will be taken to enhance exports, especially of the textile sector: Ishaq Dar
6:25pm
Heavy amount to be spent to bring telephonic coverage to rural areas.
6:24pm
The allowance under Benazir Income Support Program (BISP) raised to Rs 1500 per month.
53 lakh poor families reached for financial support.
6:20pm
Conveyance allowance of employees upto 15 grades is raised to 5%
6:18pm
The post of superintendent upgraded from Grade 16 to 17.
6:15pm
9 lakh will gain employment with the introduction of 3G and 4G technologies: Ishaq Dar
Custom duty reduced from 30% to 25%
6:13pm
The rate of economic progress will be 4.14%: Ishaq Dar
6:10pm
Successfully restricted inflation rate to single digit: Budget speech
Privatisation necessary to eliminated poverty: Ishaq Dar
6:03pm
Finance Minister Ishaq Dar says multiple energy projects have begin in the country. Jamshed Dasti tries to protest but is turned down by the speaker.
5:39pm
National Assembly s session formally begins with recitation of Quran.
4:15pm
Federal cabinet approves the federal budget 2014-2015.
Note: This is a developing story and will be updated as more details arrive.
