Category: Budget 2016-17

ISLAMABAD, Jun 3 (APP): Following are the taxation measures taken in the Federal Budget 2016-17 for Income Tax: Reduction in Tax Rate for Companies: Continuing with the policy of reducing corporate tax rates, the rate has been reduced to 31% for Tax Year 2017. Exemptions under Gwadar Port Concession Agreement: For operation and development of Gwadar… Continue reading Income tax proposals for FY2016-17

ISLAMABAD, June 3 (APP): Following is the text of budget speech delivered by Federal Finance Minister Senator Ishaq Dar in the National Assembly here on Friday:- Bismillahir-Rehmanir-Rahim PART-I Mr. Speaker, 1. As I rise to present the 4th Budget of our Government, the Prime Minister and the Leader of the House is recovering very fast… Continue reading Finance Minister’s budget speech text

ISLAMABAD, June 3 (APP): Minister for Finance, Revenue, Economic Affairs, Statistics and Privatization Senator Ishaq Dar Friday said three-fold increase in budgetary allocations had been made in Benazir Income Support Programme (BISP) since 2012-13. In the budget speech in National Assembly, he said that the government had progressively increased the size of the programme to… Continue reading Govt makes three-fold raise in BISP budgetary allocations: Dar

ISLAMABAD, June 3 (APP): The budgetary measures pertaining to Sales Tax and Federal Excise Duty in the Federal Budget (2016-17) primarily aim at: 1. Zero-rating of export oriented sectors. Five export-oriented sectors are subject to reduced rates i.e. 3% and 5% under SRO 1125(I)/2011, dated 31.12.2011. In order to facilitate the exporters and provide for… Continue reading ST, FED taxation measures taken in Budget 2016-17

ISLAMABAD, June 3 (APP): Minister for Finance Senator Ishaq Dar on Friday said that Federal Government would invest Rs 380 billion for power sector in the coming fiscal year budget. Delivering his budget speech in the National Assembly, the minister said this year’s investment in power sector would be up from Rs 287 billion allocation… Continue reading Rs 380 bn earmarked for power sector in coming fiscal year budget: Dar

ISLAMABAD, June 3 (APP): Following are the revenue measures taken in the Federal Budget for the fiscal year 2016-17: Advance Tax for Alternate Corporate Tax (ACT): Advance tax is paid on the basis of tax calculated on income or minimum tax on turnover and is required to be deposited in four installments. However, advance tax… Continue reading Revenue measures taken in the Federal Budget 2016-17

ISLAMABAD, Jun 3 (APP): Federal Finance Minister, Senator Mohammad Ishaq Dar on Friday announced special measures for enhancing performance of agriculture sector and income of rural population. While presenting budget for year 2016-17 in the Parliament House, he said, due to higher inventories, declining commodity prices and unfavourable weather conditions, this sector has suffered very… Continue reading Special measures announced for revival of agriculture sector

ISLAMABAD, June 3 (APP): Minister for Finance Senator Ishaq Dar on Friday announced that withholding tax would be collected from all television channels airing foreign produced content. The minister, in his budget speech, said the step was being taken to encourage locally produced plays and enable local production houses to compete with the foreign productions.… Continue reading Withholding tax on foreign produced TV content announced

ISLAMABAD, June 3 (APP): Federal Minister for Finance Muhammad Ishaq Dar on Friday said that the government has purposed to increase the maximum amount for house building allowance to 2 million for the Fiscal Year 2016-17. Senator Dar, in his budgetary speech, said that this allowance was being given to 1 million in last year,… Continue reading Govt doubles house building loan

ISLAMABAD, June 3 (APP): Finance Minister Ishaq Dar Friday said during the fiscal year 2016-17, the Federal government would invest a sum of Rs.380 billion up from Rs. 280 billion allocated in the last year’s budget. Out of it, Rs.130 billion would come from the PSDP.

ISLAMABAD, Jun 3 (APP): Finance Minister Ishaq Dar Friday announced that the government has allocated Rs 78 billion for railways in the current budget. Of the total amount Rs 41 billion is included in the Public Sector Development Programme for 40 railways development schemes and Rs 37 billion for pay and pensions of railways employees.

ISLAMABAD, June 3 (APP): The government has fixed Rs 35,557 as Nisab of Zakat this year 1436-37 AH, said a notification issued by Administrator General Zakat here on Friday. Zakat will be deducted from Savings Accounts having credit balance of over Rs 35,557 on first of Ramzan-ul-Mubarak, the notification said. Zakat will be deducted from… Continue reading Government fixes Rs 35,557 as ‘Zakat Nisab’

ISLAMABAD, June 3 (APP): Minister for Finance Senator Mohammad Ishaq Dar on Friday said the government had launched the Prime Minister’s Health Insurance Scheme to provide medical assistance to the deserving people. The minister, in his budget speech, said the Ministry of National Health Services, Coordination and Regulations had launched the Prime Minister National Health… Continue reading PM’s Health Insurance Scheme coverage to be expanded: Dar

ISLAMABAD, June 3 (APP): Minister for Finance Senator Ishaq Dar Friday said the ongoing broadband projects in the Southern Telecom region were expected to provide coverage to over 56,000 new subscribers during the fiscal year 2016-17. Presenting budget proposals in the National Assembly, the minister said that 125 educational Broadband Centers (EBCs) and 55 Community… Continue reading Broadband coverage to be expanded to 56,000 new subscribers: Dar

ISLAMABAD, Jun 3 (APP): Federal Minister for Finance Muhammad Ishaq Dar on Friday said that in order to provide relief on education expenses, the government has decided to give relief on less income persons during Fiscal Year 2016-17. In his budgetary speech, Dar said that it is proposed that individuals having taxable income less than… Continue reading Govt announces relief on education fee

ISLAMABAD, Jun 3 (APP): Minister for Finance Muhammad Senator Ishaq Dar on Friday said that the farmers would get fertilizer bag at Rs 1400 from July 1. In his budget speech, he said that fertilizer is a major input cost in the agriculture sector. In the past few months, through the provision of gas to… Continue reading Farmers to get fertilizer bag at Rs 1400

ISLAMABAD, June 3 (APP): The federal government on Friday proposed a number of tax relief and revenue rationalization measures to achieve higher economic growth and development that commensurate with the country’s true trade and economic potential. Minister for Finance Ishaq Dar while presenting the federal budget for the fiscal year 2016-17 before the National Assembly… Continue reading Ishaq Dar proposes various tax relief, revenue rationalization measures for FY 2016-17

ISLAMABAD, Jun 3 (APP): Finance Minister Ishaq Dar Friday said the government would spend Rs 16.5 billion for the 118 km Thakot- Havellian link during next fiscal year, which is currently under construction. For the construction of Burhan-Hakla on M-1 to Dera Ismail Khan, a total of Rs 22 billion would be allocated, he added.