Government to present Federal Budget 2015-16 worth 45 trillion today; Deficit to reach 1,400 billion
ISLAMABAD (92 News) – Federal Budget worth 40.5 trillion Rupees for fiscal year 2015-16 will be presented in the National Assembly today (Friday).
As per reports, Federal Minister for Finance Ishaq Dar will lay budget proposals before the House. The federal cabinet in its special session today will discuss and approve the budgetary proposals. The budget is expected to focus on spurring economic growth and attracting investment besides giving relief to the masses. Also, budget for defence has been recommended at 817 billion, while 1,500 billion has been recommended for development projects. The budget deficit is expected to rise to 1,400 billion rupees. The government is expected to burden the already downtrodden nation with another 250 to 300 billion rupees in taxation.
Also, a committee of the finance ministry recommended a raise of 10 percent and 15 percent respectively for Government employees’ salaries and pensions of retired civil servants.
The next year budget is expected to focus on spurring economic growth and attracting investment. It is also expected to raise federal excise duty on several products including cigarettes, ghee, drinks and sugar.
Also, the tax exemption granted to dairy products is expected to end.