Finance Minister Ishaq Dar Presents Pakistan's Federal Budget 2017-2018

The most awaited budget 2017 of Pakistan is being presented today by finance Minister Ishaq Dar .

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Here are the main highlights :-

Eradicating loadshedding will be the top priority and Rs.404 billion will be allocated for that .
Ishaq Dar highlights that for the very first time in Pakistan PML N Prime Minister and Finance Minister present the budget for fifth consecutive year.
As per Ishaq Dar Pakistan will be a member of G-20 by 2030.
Pakistan is targeting 6% GDP growth in 2017-2018.
Rs. 1.5 billion have been allocated for the Gwadar East Bay Expressway.
Rs. 10.6 billion have been allocated for the construction for the Havelian Dry Port.
Number of families being facilitated thru the Benazir Income Support Programme will go up from 3.7 million to 5.5 million.
Lending rate for farmers will be reduced from 14-15% to 9.9% and target has been increased from Rs.700 billion to Rs. 1.001 trillion for 2017-2018.
Withholding tax on branchless banking is being waved.
In 2012-13 the Federal Board of Revenue collected Rs1,940 billion and the revenue now stands at Rs3,521 billion which shows an increase of 81% in four years.
Good news for the mobile users ”WHT on mobile phone calls has been reduced from 14% to 12.5% and Sales tax on mobile phone calls have been reduced from 18% to 17%”.
Custom duty on smartphones decreased from Rs.1000 to Rs.650.
A motivation for young breed of IT professionals and entrepreneurs as New IT companies will be a given a tax break of three years.
The Defence Budget has been increased to Rs920 billion.
10% increase in salaries of Government employees.
14% increase in FBR revenue target .
10% increase in salaries of army officers and an additional special allowance of 10% of their income will be given.
The rate of corporate tax has been reduced from 35% to 30% for 2017-2018.
Rs. 118 Billion subsidy on Electricity given.
Gwadar Development will get 31 billion.
Non Tax Revenue Target set at Rs.970.9 billion.
Insurance premium increased from Rs 0.2 million to Rs 0.3 million.
Overseas Pakistanis to be given incentives to invest in Pakistan.
Rs. 38 billion allocated for Dera Ismail Khan motorway.
Rs 10 billion allocated for National Health Programme.
Farmers will be provided Rs.27 Billion subsidy in power consumption.
Rs.180 Billion allocated for CPEC projects.
Rs.378.8 billion allocated for government operations.
The Government will pay off pending loans amounting up to Rs.500,000 on the behalf of widows.
Rs.430 billion allocated for grants and transfers and Rs.138 billion in subsidies.
Rs.$1 billion will be raised through a special convertible bond for overseas Pakistanis.
43% increase in Agricultural loan for farmers.
A new 5% withholding tax on tobacco production is set to be imposed.
Minimum wage increased from Rs.14,000 to Rs.15,000 per month.
Total health budget Rs.49 Billion.
Rs. 38 billion to be allocated for improving water reservoirs.
Rs.6 billion allocated for housing industry.