ISLAMABAD: The National Assembly today passed “The Finance Bill‚ 2013” giving legal effect to the budgetary proposals for the next fiscal year.
Finance Minister proposed amendments for incorporation in the Finance Bill including the one relating to collection and Levy of Sales Tax and Excise Duty as well as Income tax slabs. Amendments in the salaries act of the members were also accepted.
The House rejected the amendments proposed by the opposition members.
The total outlay of the federal budget for next financial is 3591 billion rupees‚ which is focussed on improving economy and provide incentives to the investors to trigger economic activity.
The budget has been designed to ensure a progressive way to revive and strengthen the economy‚ bringing stability in all fields. It envisages stress for creating new employment opportunities and development of infrastructure to give a boost to economic activities.
The government has decided to retire over five hundred billion rupees circular debt within sixty days which will help reduce power load shedding.
It also includes several relief measures for common man including ten percent in Salaries of government employees and ten percent increase for pensioners. Minimum wage has been increased to 10‚000 rupees per month. Recipients of Benazir Income Support program will now get twelve hundred rupees per month.
Steps have also been taken to facilitate youth for self employment and a number of schemes including laptop scheme at the federal level has been introduced.
A housing scheme has also been announced in the budget to provide shelter to the shelterless all over the country.
Various measures have been announced in the budget to bring down fiscal deficit.