ISLAMABAD: Finance Minister Miftah Ismail presented the annual budget that exceeds Rs 5,932 trillion for the year 2018-19 in the National Assembly on Friday.
Speaking at a National Assembly session, Miftah Ismail said that the government can not function without the approval of the annual budget. He added that the ruling government has spent 230 percent more on development in comparison to the PPP government.
On the other hand Opposition Leader in the National Assembly Khursheed Shah congratulated the PML-N on being on course to complete its tenure. He, however, criticised the ruling government saying that it is the next government’s right to present the annual budget.
He also referred to former PM Nawaz Sharif’s “respect for vote” slogan saying that “today, PML-N has disrespected the vote.”
In response, Prime Minister Shahid Khaqan Abbasi said that the presentation of the annual budget by Miftah Ismail is “not unconstitutional” and that “those who worked hard to carve out the budget plan deserve the right to present it as well.”
Here’s how the budget would be allocated
Development budget
To engineer development works in the country, a budget of Rs 20 trillion 43 billion is allocated. Rs 10 trillion 13 billion is proposed to be spent on development works in the federation, while the same amount will be granted to all four provinces of the country.
Tax collection
Moreover, Federal Board of Revenue (FBR) aims to collect a total that exceeds Rs 4, 435 billion via tax collections.
Defence budget
Rs 180 billion is added to the defence budget, according to which a total of Rs 1,100.3 billion will be spent on the defence of the country.
Increase in salaries and pensions of govt officers
A total of Rs 380 billion is allocated to grant pensions to retired government officials, while a 10 percent increase in salaries and pensions of public sectors workers is proposed. Moreover, the minimum pension for retired officers is set from Rs 6,000 to Rs 10,000.
Railway budget
Rs 40 billion is proposed to be granted to the Pakistan Railways for current and future development related works.
Income tax threshold
The income tax exemption threshold would be increased to Rs 1.2 million. This means a salaried individual who earns Rs100,000 a month (Rs1.2 million a year) will be exempted from paying any income tax.
BISP
The Benazir Income Support Programme will be allocated Rs 124 billion.
Interior and law ministry
Rs 24 billion are proposed to be granted to the interior ministry for current and future development related works, while Rs 1.05 billion will be granted to the law ministry for the same purpose.
Development of FATA
Rs 24 billion are allocated for development works in FATA, while a Rs 100 billion special program is also designed for similar reasons.
