Finance Minister promises to end loadshedding in December 2017

Lahore: The federal government has again promised to end loadshedding  with a new date of December 2017.While presenting the federal budget for the fiscal year of 2015-16,finance minister Ishaq Dar announced that there would be no loadshedding in Pakistan after December 2017 as the government allocated Rs 248 billion for energy sector with an objective to generate additional cheap electricity.Tax relief for 10 years on power transmission lines projects,he added.

Finance minister said that Rs 20.88 billion have been allocated for health in this budget,7.5 percent increment in the salaries of Federal employees,minimum wage would be 13 thousands,Rs. 4313 billion federal revenues target set,a Credit Guarantee Scheme will be initiated,Markup rate of Business Youth Loan Scheme has been reduced from 8% to 6%,Crop loan insurance and livestock insurance schemes will be launched,Tax rate on funds transfer will be 0.6%,Electricity bills over Rs75,000 will face 10% tax imposition,Markup rate of Business Youth Loan Scheme has been reduced from 8% to 6%.

Ishaq Dar said that undocumented economy stands equal, to document economy, Estimated Rs. 3128 billion for expenditures,Rs. 700 billion for Federal Development program,Annual Development Budget of provinces will be Rs./ 814 billion, defence expenditure of Rs 780 billion — $7.66 billion — for 2015-16,Provinces to get 17.4% more from federal revenues,Federal Budget for 2015-16 at Rs 4.313 trillion — $42.33 billion,Mutual Fund-like tax to be imposed on Real Estate Investment trust Rs.80 billion estimated for rehabilitation of IDPs, HEC will be issued Rs 20 billion for 143 new projects in the upcoming fiscal year.

The federal Minister Ishaq Dar said that 10% withholding tax on renting out machinery, 15% tax on scientific instruments,Rs 12 billion are being allocated to set up 217 telecenters all over the country,Tax on salaries class reduced from 5% to 2%, Advance Income Tax rate on transfer of vehicle to be increased from 20% to 25%,Taxable income limit for new firms increased from Rs. one million to 1.5 million,Taxable income increased from Rs.400,000 to Rs. 500,000,Tax rate on companies reduced from 33% to 32%,Federal Excise Duty on Cigarettes to be increased from 58% to 63%,Tax to be doubled on imports of cell phones,