Budget highlights 2012-13

Following are the highlights of the Budget Speech for the financial year 2012-13 of Federal Finance Minister Dr Abdul Hafeez Shaikh in the National Assembly here on Friday:

* Total budget volume Rs2,960 billion.

* Gross Revenue Receipts (estimated) for Year 2012-13 Rs3,234 billion.

* FBR sets Rs2,381 billion tax collection target.

* Rs1,459 billion to be transferred to provinces under NFC Award.

* Budget deficit likely to remain at Rs1,185 billion.

* Provincial Surplus estimated at Rs80 billion.

* Rs70 billion to be allocated for BISP.

* Rs10 billion to be allocated for Export Development Fund.

* 10% additional discount at Utility Stores on different commodities for BISP cardholders.

* Govt to set up 2,000 new Utility Stores, 35,000 families to get relief.

* 100,000 youth to get internships, technical training.

Bachelor, master degree holders to get 40,000 internships each in public and private sector.

* 20,000 graduates to be imparted skilled training to fulfil domestic and foreign demand.

* Govt to pay tuition fee of PhD and master students belonging to Balochistan, Fata, Gilgit-Baltistan.

* 20% ad hoc relief in pay and pension of Federal Government Employees.

* Income Tax Exemption Limit enhanced upto Rs400,000.

* Tax on Business Turnover reduced from 1% to 0.5%.

* Withholding tax ceiling for cash withdrawal from banks enhanced from Rs25,000 to Rs50,000.

* Federal Excise Duty on 10 items abolished.

* Federal Excise Duty on cement reduced from Rs750 to 500 per metric tonne.

* 18 raw materials, 9 components being used for text books, stationary exempted from Customs Duty.

* Customs duty reduced from 10% to 5% on 88 raw materials of Pharmaceutical Industry.

* Growth rate remains at 3.7 % as compared to 3.4 % during last two years.

* Pakistan repay $1.2 billion of loans to IMF.

* Sales Tax rate reduced from 17% to 16%.

* Current expenditure registers 10% decrease.

* Total volume of grants reaches 70% of Divisible Pool.

* Parliament passes 24 laws to empower women during last four years.

* Inflation reduced to 11%, next year it will be cut down to single digit.

* Tax Revenue registers 46% increase, tax collection increases from Rs.1327 billion to Rs.1950 billion.

* Subsidy of Rs50 billion given on fertilizer.

* Industrial growth rate projected to 3.4% this year against 3.1% last year.

* Subsidies of Rs1,250 billion given on electricity sector during last five years.

* Govt injected 3500MW of electricity to National Grid.

* Pakistan to get 2 billion cubic feet of gas from Pak-Iran gas pipeline, Turkmenistan-Afghanistan-Pakistan India gas pipeline.

* 500 million cubic feet of LNG will be made available for consumers.

* Govt gave relief of Rs70 billion on petroleum products.

* National Economic Council approved Annual Development Plan of Rs873 billion.

* Federal Government share in Annual Development Plan is Rs300 billion.

* 200 projects completed under Public Sector Development Programme (PSDP) at a cost of Rs300 billion.

* Govt allocates Rs360 billion under PSDP for 96 ongoing projects.

* Rs69 billion earmarked for Electricity sector, Wapda, electric companies will be given Rs115 billion.

* Rs44 billion for Social Sector.

* Fata, Gilgit-Baltistan, AJK to get Rs37 billion.

* Rs16 billion allocated for Higher Education.

* Rs84 billion allocated for Transport and Communication (Rs51 billion for NHA, Rs23 billion for Railways).

* Balochistan share increases upto 9.09% in Divisible Pool.

* Govt accepted Rs120 billion as royalty on gas sale from 1954 to 1991 for Balochistan.

* Federal Government to finance 11,500 jobs for Baloch youth.

* Block Development Allocation enhanced up to Rs16 billion for Gilgit-Baltistan.

* Rs10 billion allocated for mega project in Gilgit-Baltistan.

* Rs17 billion allocated in PSDP for Fata.

* Rs12 billion for development projects, Rs16.5 billion allocated for current expenditure for Azad Kashmir besides a loan of Rs8.5 billion.

* Remittances by overseas Pakistan touch $13 billion mark during last two years.

* Exports register 28% increase, volume touches $25 billion mark.