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Consolidated expenditures of federal, provincial govts to increase by Rs 33bn
By Sajid Chaudhry
ISLAMABAD: The government has projected an increase of Rs 110 billion in the defence budget and informed the International Monetary Fund that according to the post-flood situation, the defence budget will be Rs 552 billion against the budgetary allocation of Rs 442 billion for the ongoing fiscal year 2010-11.
This increase in the defence budget has been projected by the government at a time when development and non-development budgets of the civil government are being slashed by 50 percent and 20 percent respectively to create fiscal space for the rehabilitation of the flood-affected population.
This has been disclosed in the countrys revised consolidated government budget projections, which had been submitted to the IMF Executive Board and were subsequently released by the IMF on Wednesday.
The Public Sector Development Programme of the federal government is projected to be decreased from Rs 280 billion to Rs 250 billion and provinces annual development plans to be reduced from Rs 370 billion to Rs 340 billion to ensure a saving of Rs 60 billion.
The consolidated expenditures of the federal and provincial governments are to increase from Rs 3.259 trillion to Rs 3.292 trillion with an addition of Rs 33 billion after the floods. Total revenues are to be increased from Rs 2.574 trillion to Rs 2.607 trillion, projecting an increase of Rs 33 billion in the post-flood scenario.
The other major revision in the budgetary projections for 2010-11, the federal tax collection is to be revised to Rs 1.689 trillion from the earlier approved target of Rs 1.667 trillion for 2010-11, with an increase of Rs 22 billion.
Similarly, individual tax collection targets have also been projected to be revised accordingly. The target for the direct taxes has been projected to increase from Rs 657.7 billion to Rs 736 billion, projecting an increase of Rs 78.3 billion. The target for the General Sales Tax is to be revised downwards from Rs 674.9 billion to Rs 639 billion, projecting a decrease of Rs 35.9 billion.
Daily Times - Leading News Resource of Pakistan
By Sajid Chaudhry
ISLAMABAD: The government has projected an increase of Rs 110 billion in the defence budget and informed the International Monetary Fund that according to the post-flood situation, the defence budget will be Rs 552 billion against the budgetary allocation of Rs 442 billion for the ongoing fiscal year 2010-11.
This increase in the defence budget has been projected by the government at a time when development and non-development budgets of the civil government are being slashed by 50 percent and 20 percent respectively to create fiscal space for the rehabilitation of the flood-affected population.
This has been disclosed in the countrys revised consolidated government budget projections, which had been submitted to the IMF Executive Board and were subsequently released by the IMF on Wednesday.
The Public Sector Development Programme of the federal government is projected to be decreased from Rs 280 billion to Rs 250 billion and provinces annual development plans to be reduced from Rs 370 billion to Rs 340 billion to ensure a saving of Rs 60 billion.
The consolidated expenditures of the federal and provincial governments are to increase from Rs 3.259 trillion to Rs 3.292 trillion with an addition of Rs 33 billion after the floods. Total revenues are to be increased from Rs 2.574 trillion to Rs 2.607 trillion, projecting an increase of Rs 33 billion in the post-flood scenario.
The other major revision in the budgetary projections for 2010-11, the federal tax collection is to be revised to Rs 1.689 trillion from the earlier approved target of Rs 1.667 trillion for 2010-11, with an increase of Rs 22 billion.
Similarly, individual tax collection targets have also been projected to be revised accordingly. The target for the direct taxes has been projected to increase from Rs 657.7 billion to Rs 736 billion, projecting an increase of Rs 78.3 billion. The target for the General Sales Tax is to be revised downwards from Rs 674.9 billion to Rs 639 billion, projecting a decrease of Rs 35.9 billion.
Daily Times - Leading News Resource of Pakistan
