Islamabad: Finance Minister Shaukat Tarin, today, presented a growth-oriented budget with an outlay of PKR 8,400 billion at the National Assembly, according to media sources.
The salient features of the budget 2021-22 are as follows:
PKR 244 billion for Gwadar airport and highway.
PKR 20 for development of south Balochistan
PKR 47 billion for Gilgit-Baltistan
PKR 60 billion for Azad Jammu and Kashmir
PKR 739 for Karachi transformation plan
PKR 12billion for agriculture
PKR 260 billion for the Ehsaas programme
PKR 900 billion for public sector development programmes, which has been increased by 40%. The amount will be spent on water distribution, road infrastructure, special economic zones, combatting climate change, among other projects
PKR14 billion for Neelum-Jhelum hydro-power plant
PKR 118 billion for energy and power projects
PKR 25 billion for small dams in Sindh
PKR 23 billion for Diamer and Bhasha dams
PKR 10b for Kamyab Naujawan programme
PKR 22 billion for Jamshoro coal power plant
PKR 16 billion for KI, KII projects in Karachi and Tarbela power plant
PKR 54 billion for the development of KP’s merged districts
PKR 14 billion for tree plantation programmes and combatting climate change
PKR 100billion for special development packages for the development of poorer cities
PKR 1.1 billion for the procurement of coronavirus vaccines to meet the target of vaccinating 100 million people by June 2022
PKR 100 billion for a covid-19 emergency fund
PKR 66 billion for HEC and education programmes
PKR 12 billion for SME support programmes
Other prominent features are:
The minimum wage to be PKR 20,000.
No new tax on salaried people.
Pension to increase by 10%.
For Grade 1 to 5 officers, integrated allowance to increase from PKR 450 to PKR 900.
Salaries of the government employees to increase by 10%.
Special technology zones will be formed in the country. Plants, machinery, and other equipment will be tax-free in these zones.
FBR to form special retail cells to facilitate people.
Action to be taken against those harassing taxpayers. Government to use tax machinery against those not paying taxes and those not filing them.
Withholding tax reduced by 40%. There will be no withholding taxes on banking transactions, margin financing, air travel services, debit card and credit transactions and discovery of minerals.
Withholding tax on mobile phones will be reduced by 10%, and then to 8%.
The government has reduced the Capital Gain Tax from 15% to 12.5%.
No federal excise duty on 850cc locally produced cars.
Sales tax on locally manufactured cars reduced from 17% to 12.5%.
Sales tax on locally made electric cars has been reduced to 1% from 17%.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
