Punjab Assembly

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Total outlay of the national budget for new fiscal year 2010-11, presented at the National Assembly here Saturday is to the tune of Rs 2764 billion, 12.3 percent higher than the size of the budget estimates for outgoing fiscal 2009-10.Following are cardinal features of the national budget for FY 2010-11:

· The total outlay of budget 2010-11 is Rs 2764 billion. The size is 12.3 per higher than the size of budget estimates 2009-10.

· The resource availability during 2010-11 has been estimated at Rs 2598 billion against Rs 2299 billion in the budget estimates of the outgoing fiscal year.

· Net revenue receipts for 2010-11 have been estimated at Rs 1377 billion indicating an increase of 1.9 percent over the budget estimates for current fiscal year 2009-10.

· The provincial share in federal revenue receipts is estimated at Rs 1034 billion during 2010-11 which is 57.9 per cent higher than the budget estimates for 2009-10.

· The capital receipts (net) for 2010-11 have been estimated at Rs 325 billion against the budget estimates of Rs 191 billion in 2009-10 indicating an increase of 70.2 per cent.

· The external receipts in 2010-11 are estimated at Rs 387 billion. This shows a decrease of 24 per cent over the budget estimates for 2009-10.

· The overall expenditure during 2010-11 has been estimated at Rs 2764 billion of which the current expenditure is Rs 1998 billion and development expenditure at Rs 787 billion. Current expenditure shows decline of less than one per cent over the revised estimates of 2009-10, while development expenditure will increase by 25.3 per cent in 2010-11 over the revised estimates of 2009-10.

· The share of current expenditure in total budgetary outlay for 2010-11 is 72 per cent as compared to 78 per cent in revised estimates for 2009-10.

· The expenditure on General Public Services (inclusive of debt servicing transfer payments and superannuation allowance) is estimated at Rs 1388 billion which is 69.5 per cent of the current expenditure.

· The size of Public Sector Development Programme (PSDP) for 2010-11 is Rs 663 billion. While for Other Development Expenditure an amount of Rs 124 billion has been allocated. The PSDP shows an increase of 30 per cent over the revised estimates.

· The provinces have been allocated an amount of Rs 373 billion for budget estimates 2010-11 in their PSDP as against Rs 300 billion in 2009-10.

· An amount of Rs 10 billion has been allocation to Earthquake Reconstruction and Rehabilitation Authority (ERA) in the PSDP 2010-11.

Following are the highlights of tax measures announced by the government in the National Budget for the financial year 2010-11. · Existing system of General Sales Tax would be reformed to eliminate multiple tax rates and replace it with a single lower rate of 15%. · The reformed GST will not apply on health, education and food items consumed by the poor. The GST will not apply to turnover less than Rs. 7.5 million per year whereas the current threshold is Rs 5 million per year and would be automated thus reducing possibilities of corruption and refund delay.

· It will broaden the tax base instead of burdening the existing tax payer.

· The proposed GST reform is expected to be in place by October 1, 2010 in consultation with all the provinces and other stakeholders.

· As an interim measure the GST rates are proposed to be raised by 1 percentage point. Once the reform GST is in place the proposed single lower rate of 15 % will become effective.

· Current 1% Special Excise Duty levied on most items of imports and local manufacture has been abolished.

· Federal Excise Duty incidence on all categories of cigarettes has been enhanced and levy FED at Rs. 1 per filter rod of cigarettes has been proposed.

· The rate of FED on natural gas has been increased to Rs. 10 per MMBTU, while intensive appliances, levy of FED @ 10% ad valorem on air conditioners and deep freezers is proposed.

· On income tax side, exemption limit for the salaried taxpayers has been enhanced from Rs. 200,000 to Rs.300,000, benefitting approximately 430,000 taxpayers.

· Exemption limit for non-salary income is also proposed to be raised from Rs. 100,000 to Rs. 300,000 per year benefitting approximately 350,000 taxpayers.

· Rate of income tax collected along with monthly electricity bill from industrial and commercial consumers is proposed to be reduced from 10% to 5%. This will provide a relief of Rs.4.5 billion to the 66,000 taxpayers

· Under the Prime Minister’s Fiscal Relief Package to Khyber Pakhtunkhwa, Federally Adminstered Tribal Areas (FATA) & Provincially Adminstered Tribal Areas (PATA) additional tax relief of about Rs.2 Billion have been provided to benefit 300,000 taxpayers of the province.

· Instead of monthly withholding tax statements, now only quarterly withholding statement will be required to be e-filed.

· Taxation on interest free / concessionary interest loans provided by an employer is proposed to be waived.

· Rate of final withholding tax on non-specified payments to nonresidents is to be reduced from 30% to 20%.

· Tax free payments to non-residents on profits on debt will be allowed 10% tax credit for balancing, modernization and replacement to all companies.

· A 5% tax credit is proposed to be allowed to a company in the tax year of its enlistment.

· 10% withholding tax has been announced as final charge on profit on debt (in debt instruments) and also for the investment in government securities (treasury bills and PIBs) to allow hassle free compliance by non-residents.

· It has been proposed that income tax be raised for the Association of Persons (AOPs) at a flat rate of 25% against the existing progressive rate averaging up to 20%.

· Tax on short-term Capital Gains on stocks/shares will be charged at 10% where shares are held for a period less than six months and at 7.5% where they are held for more than six months and less than 12 months. However, stocks held for over one year will not be subject to CGT.

· The withholding tax rate payable by commercial importers is proposed to be increased from 4% to 5%.

· A withholding tax on banking transactions including withdrawal through demand draft, pay order, RTCs, CDRs etc. will be charged at 0.3% where such transaction exceeds Rs.25000 in a day.

· Turnover tax on loss making companies and AOPs is proposed to be increased from 0.5% to 1%.

· Withholding tax on domestic air travel is proposed to be charged at 5% on gross value of the ticket.

1. Gross domestic product (GDP) was at 4.1 percent as compared with 1.1 percent of the prior economic year.
   
2. Inflation is decreased from 22% but still in double digits i.e. 11.5%.
3. Current account deficit is expected to decline during the outgoing fiscal year. Decline is expected below 3% of Gross Domestic Product.
4. External current account deficit was contained to 5.6 % of GDP (US dollars 9.3 billion) in fiscal 2008-09, from a high of 8.3 % of GDP in 2007-08 (US dollars 13.9 billion)
   
5. Economic growth in 2009-10 is 4.1% which is higher than the targeted growth 3.3%t.
   
6. The fiscal deficit was slashed to 5.2 % of GDP in financial year 2008-09, from 7.6 % of GDP in 2007-08, a fiscal adjustment of 2.4 % of GDP.
   
7. Foreign Exchange Reserves have been rebuilt to nearly dollars 16 billion, from their low of under dollar 6 billion in October 2008.
   
8. International credit rating agencies upgraded Pakistan from CCC plus to B Minus by S&P, while Moody’s revised its outlook to Stable.
   
9. Manufacturing Sector posted a positive growth of 5.2 % during the current fiscal year.
   
10. 44 % of population has access to sanitation, while 65 % to clean water.
11. Pakistan has become the largest user of Compressed Natural Gas (CNG) in the world, as per the statistics issued by International Association of National Gas Vehicles on CNG. Presently, 3105 CNG stations are operating in the country and 2.4 million vehicles are using CNG as fuel.
    
12. Literacy Rate has improved from 56% to 57%. Literacy rate in Punjab is (59 %), Sindh, (59%), Khyber Pakhtunkhwa (50%) and Balochistan at (45%).
13. Social protection measures were expanded from around Rs 8 billion two years ago to around Rs 80 billion this year.

1. The report titled the National Corruption Perception Survey 2010 showed a high rise in corruption from 195 billion rupees in the year 2009 to 223 billion rupees in the year 2010.
2. Bureaucracy and Police had maintained their ranking as the two of the most corrupt departments in public sector in 2010.
3. Land administration departments were placed third in corrupt practices. Corruption in the judiciary, local government and education sectors has also increased as compared to the last year.
4. Syed Adil Gilani chairman of TIP said that about 70 % of people believed that the previous military regime of General Pervez Musharraf was less corrupt then the present Pakistan People’s Party (PPP) led coalition government.In terms of bribery, land administration was the most corrupt sector, where average bribe paid in each incident was 46, 414 rupees.
5. KPK is highlighted to be the most corrupt of all the provinces.

1. ABN Amro Bank N.V.

2. Al-Baraka Islamic Bank B.S.C.(E.C.)

3. American Express Bank Limited

4. Bank of Cylon
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5. Credit Agricole Indosuez

6. Citibank N.A.

7. Deutsche Bank AG

8. Doha Bank
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9. Habib Bank A.G. Zurich

10. International Finance Investment & Commerce Bank Limited (IFIC)
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11. Mashraq Bank psc

12. Oman International Bank S.O.A.G.

13. Rupali Bank Limited
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14. Standard Chartered Bank (Pakistan) Limited

15. Standard Chartered Grindlays Bank Limited
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16. The Bank of Tokyo-Mitsubishi Limited

17. The Hongkong and Shanghai Banking Corporation Limited

@Binyamin plz reply asap

what is the current inflation rate % in Pakistan?
what is the current GDP rate %?
What is amount of GDP in trillions?
what is the per capta income in Us$?
which country has provided JF-17 thunder to pakistan?
What is the total outlay of budget 2010-11?
Recently USA handed over which aircrafts to pakistan & how many

THANKS ALOT.

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Source: http://www.cssforum.com.pk/off-topic...nts-world.html

I posted it here as it is relevant and expected in exams

which country has provided JF-17 thunder to Pakistan?

China - Combat aircraft developed jointly by China and Pakistan.


What is the total outlay of budget 2010-11?

Rs 3259 billion or
Rs 3.259 trillion

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No matter how fast i run or how far i go it wont escape me, pain, misery, emptiness.