Thursday, March 28, 2024
07:12 PM (GMT +5)

Go Back   CSS Forums > General > News & Articles

News & Articles Here you can share News and Articles that you consider important for the exam

Reply Share Thread: Submit Thread to Facebook Facebook     Submit Thread to Twitter Twitter     Submit Thread to Google+ Google+    
 
LinkBack Thread Tools Search this Thread
  #1  
Old Saturday, June 04, 2011
redmax's Avatar
40th CTP (DMG)
Medal of Appreciation: Awarded to appreciate member's contribution on forum. (Academic and professional achievements do not make you eligible for this medal) - Issue reason: CSP Medal: Awarded to those Members of the forum who are serving CSP Officers - Issue reason: CE 2011 - Merit 73Diligent Service Medal: Awarded upon completion of 5 years of dedicated services and contribution to the community. - Issue reason:
 
Join Date: Jan 2007
Location: Inaccessible
Posts: 1,012
Thanks: 1,335
Thanked 2,480 Times in 622 Posts
redmax has much to be proud ofredmax has much to be proud ofredmax has much to be proud ofredmax has much to be proud ofredmax has much to be proud ofredmax has much to be proud ofredmax has much to be proud ofredmax has much to be proud of
Post Highlights of Budget 2011 - 2012

Highlights of Budget 2011-2012

Following are important features of the Pakistan budget for Fiscal Year 2011-12:



The total outlay of budget 2011-12 is Rs.2767 billion. The size is 14.2 per higher than the size of budget estimates of 2010-11.
The resource availability during 2011-12 has been estimated at Rs. 2463 billion against Rs. 2256 billion in the budget estimates of the outgoing fiscal year.
Net revenue receipts for 2011-12 have been estimated at Rs. 1529 billion indicating an increase of 11 percent over the budget estimates of fiscal year 2010-11.
The provincial share in federal revenue receipts is estimated at Rs. 1203 billion during 2011-12 which is 16.4 per cent higher than the budget estimates for 2010-11.
The capital receipts (net) for 2011-12 have been estimated at Rs. 396 billion against the budget estimates of Rs. 325 billion in 2010-11 indicating an increase of 11 per cent.
The external receipts in 2011-12 are estimated at Rs. 414 billion. This shows an increase of 7.1 per cent over the budget estimates for 2010-11.
The overall expenditure during 2011-12 has been estimated at Rs. 2767 billion of which the current expenditure is Rs. 2315 billion and development expenditure at Rs. 452 billion. Current expenditure shows increase of less than one per cent over the revised estimates of 2010-11, while development expenditure will increase by 64.4 per cent in 2011-12 over the revised estimates of 2010-11.
The share of current expenditure in total budgetary outlay for 2011-12 is 83.7 per cent as compared to 89 per cent in revised estimates for 2010-11.
The expenditure on General Public Services (inclusive of debt servicing transfer payments and superannuation allowance) is estimated at Rs. 1660 billion which is 71.1 per cent of the current expenditure.
The size of Public Sector Development Programme (PSDP) for 2011-12 is Rs. 730 billion. While for Other Development Expenditure an amount of Rs. 97 billion has been allocated. The PSDP shows an increase of 58 per cent over the revised estimates of 2010-11.
The provinces have been allocated an amount of Rs. 430 billion for budget estimates 2011-12 in their PSDP as against Rs. 373 billion in 2010-11.
An amount of Rs.10 billion has been allocated to Earthquake Reconstruction and Rehabilitation Authority (ERA) in the PSDP 2011-12.

15 pc increase in govt employee’s salaries, 15-20 pc increase in pension

Government decided to increase upto 15 per cent in the salaries of government employees and 15 to 20 per cent raise in pensions, Federal Finance Minister Dr. Abdul Hafeez Sheikh said this during his budget speech in the National Assembly on Friday.The minister said there is a proposal to increase 25 per cent allowances of government servants of Grade 1 to 15. Proposal is also under consideration to revise the pay scales after merging the ad-hoc relief given till 2009.

Rs.1100 million allocated for New Gawadar International Airport

The government has allocated Rs.1100 million under Public Sector Development Programme (PSDP) for New Gawadar International Airport during the year 2011-12.According to details, the total estimated cost of the project is Rs.7675 million which included Rs.1464 million of foreign loan.The total expenditure of the project upto June 2011 is Rs. 485.032 million while throw forward amount as on 1.7.2011 is Rs.7189.968 million.Out of total allocation for the year 2011-12, Rs.220 million is foreign loan while Rs.880 million has been arranged from own resources.

According to PSDP, a total of Rs.1470 million has been earmarked for difference ongoing schemes of Defence Division during the year 2011-12.
The other major ongoing schemes included capacity building of Pakistan Meteorological Department of Islamabad, Establishment of Tropical Cyclone Warning Centre at Karachi, Construction of residential accommodation for operational staff at PMD Headquarters, Islamabad, Water Distribution Network Phase-III for RCB/CCB based on Khanpur Dam Water Source,Establishment of MSA Digitized Operation Room at New HQ MSA Building MSA, upgradation of Pediatric, Cardiac, Surgical Facility in NIHD, AFIC and establishment of Pak-China Seismic Network in Pakistan.



Rs 14000 million allocated for HEC

The government has allocated Rs 14000.000 million for Higher Education Commission (HEC) in Public Sector development Programmes (PSDP) 2011-12.According to the budgetary document, an amount of Rs 679.895 million has been allocated for the six new schemes of HEC while an amount of Rs 13320.105 has been allocated for 166 ongoing schemes.Among the new schemes, Rs 300.000 million have been allocated for establishment of a university in Malakand / Swat, Rs. 200.000 million for Indigenous PhD Fellowship for 5000 Scholars (Phase-II), Rs. 60.000 million for establishment of a university at Turbut, Rs 50.000 million for National Defence University and Rs. 49.895 million for establishment of a university at Loralai.

While among the ongoing schemes, Rs. 600.000 million have been allocated for strengthening of University of Engineering and Technology, Lahore,Rs. 600.000 million for PhD Fellowship for 5000 scholars,Rs. 450.000 million for infrastructure development of COMSATS Institute of Information Technology Islamabad Campus, Rs. 345.000 million for establishment of New Campus of Jalozai Khyber Pukhtunkhwa University of Engineering and Technology, UET, Peshawer and Rs. 350.000 million for strengthening of NED University of Engineering and Technology, Karachi.
An amount of Rs. 277.800 million has been allocated for strengthening and development of Mehran University of Engineering and Technology (MUET) Jamshoro, Rs. 270.000 million for establishment of Information Technology and Management Science and Telecommunication Institutes at NUST, Islamabad, Rs 250.000 million for Human Resource Development Initiative MS Leading to PhD Programme of Faculty Development for Engineering Universities (UESTPs), Rs.200.000 million for Foreign Faculty Hiring Programme and Rs 200.000 million for provision of higher education opportunities for students of Balochistan and FATA.
An amount of Rs. 160.000 million has been allocated for repair/rehabilitation/renovation of buildings of University of Balochistan, Quetta, Rs. 140.704 million for provision of essential facilities at COMSATS Insitute of Information Technology (CIIT), Islamabad, Rs. 1800.000 million for Overseas Scholarships for Studies in General Comprehensive Medicine, Rs. 165.000 million for Overseas Scholarship Scheme for MS/M.Phil/Ph.D and Rs.150.000 million for Post Doctoral Fellowships Programme.
The other ongoing projects include establishment of Karakuram International University, Gilgit with an amount of Rs. 115.045 million, establishment of Medixcal College University of Sargodha with Rs. 125.000 million and Faculty Development and other basic requirements of Quaid-e-Awam University of Engineering and Technology (QUEST) Nawabshah with Rs. 125.000 million.

Salient features of sales tax and Federal Excise

Following are the salient features of sales tax and Federal Excise Budgetary measures for fiscal year 2011-12 .

The budgetary measures pertaining to Sales Tax & Federal Excise Duty are primarily aimed at:

Reduction in the rate of Sales Tax from 17% to 16%.
Reducing overall the scope of federal excise duty and completely eliminating – special excise duty to reduce the burden of multiple taxation.
Enhancing the sales tax revenues by rationalizing exemption regime with the objective to minimize additional burden on the lower segments of the society.
Distributing the burden of extra taxation measures on exempted sectors of the economy.
Enhancing tax incidence on cigarettes in line with international practices.


BRIEF POINTS ON MAJOR FISCAL MEASURES:

RELIEF MEASURES
Withdrawal of special excise duty to reduce the quantum of taxation on all items including those used by the middle and lower middle class of population.
Enforced through amendment in Federal Excise Act, 2005 and withdrawal of SRO 655(I)/2007, dated 29.06.2007, effective from the 1st July, 2011.
Review of federal excise duty regime by reducing the number of goods liable to federal excise.
Enforced through amendment in Table-I of First Schedule to the Federal Excise Act, 2005, effective from the 1st July, 2011.
Reduction in the quantum of excise duty on cement and withdrawal of excise duty on white cement is basically aimed at encouraging construction activity which will result in adequate increase in employment opportunities.
Enforced through amendment in Table-I of First Schedule to the Federal Excise Act, 2005, effective from the 1st July, 2011.
Reduction in the rate of federal excise duty leviable on aerated beverages from 12% to 6% to provide a level playing around vis-…-vis its substitute like fruit juices, etc.
Enforced through amendment in Table-I of First Schedule to the Federal Excise Act, 2005, effective from the 1st July, 2011.
Federal excise duty levied on services provided by property developers or promoters to reduce the level of taxation which will in turn reduce the quantum of taxation on housing sector already subject to levy of Capital Value Tax.
Enforced through amendment in Table-II of First Schedule to the Federal Excise act, 2005, effective from the 1st July, 2011.
Exemption on local supply of reclaimed lead to recognized manufacturers of lead batteries has been proposed to check misuse of the facility whereby taxes are charged by the suppliers of reclaimed lead but is not deposited into the exchequer.
Enforced through amendment in SRO 551(I)/2008, dated 11.06.2008, effective from the 4th June, 2011.
Immediate full adjustment of sales tax paid on import or local purchase of capital goods has been allowed to mitigate the cash flow of industrial sector and to ensure timely and quick adjustment of input tax paid.
Enforced through amendment in section 8B of the Sales Tax Act, 1990 effective from the 4th June, 2011.

REVENUE MEASURES
Withdrawal of exemption of sales tax on defence stores at import and local supply to bring it in line with international best practices
Enforced through amendment in Sixth Schedule to the Sales Tax Act, 1990, effective from the 4th June, 2011.
–Revision in the upward limit of duty slabs to enhance the burden of Federal —
Excise Duty on locally produced Cigarettes.
Enforced through amendment in Table I, of First Schedule to the Federal Excise Act, 2005, effective from the 4thJune, 2011.
The exemption regime is being rationalized with objective to reduce its scope only to selected sectors.
Enforced through amendments in Sixth Schedule to the Sales Tax Act, 1990 and SRO 551(I)/2008, dated 11.06.2008, effective from the 4th June, 2011.
The value addition tax levied on commercial importers is being enhanced from 2% to 3%, which is levied and collected at import stage.
Enforced through amendment in Chapter X of Sales Tax Special Procedure Rules promulgated through SRO 480(I)/2007, dated 9th June, 2007, effective from the 4th June, 2011.
Exemption of sales tax on cement/concrete blocks and bricks has been withdrawn to extend similar treatment in line with other inputs used in the construction industry.
Enforced through amendment in Sixth Schedule to the Sales Tax Act, 1990, effective from the 4th June, 2011.
The sales tax leviable on sugar at import and local supply stage has been withdrawn and federal excise duty @ 8% is being levied on aforesaid stages.
Enforced through amendment in First and Second Schedule to the Federal Excise Act, 2005, effective from the 4th June, 2011.
The zero-rating regime has been rationalized to limits its application only to selected sectors.
Enforced through amendment in SRO 549(I)/2008, dated 11.06.2008 and by rescinding SRO 1161(I)/2007, dated 03.06.2007 effective from the 4th June, 2011.
The Federal Excise Duty leviable on filter rods for cigarettes has been rationalize from Rs.1/- per filter rod to 20% ad val.
Enforced through amendment in Table I of First Schedule to the Federal Excise Act, 2005, effective from the 4th June, 2011.
The Federal Excise Duty on unmanufactured tobacco is being enhanced from Rs.5/- per kg to Rs.10/- per kg.
Enforced through amendment in Table I of First Schedule to the Federal Excise Act, 2005, effective from the 4th June, 2011.





[Source: Associated Press of Pakistan]
__________________
Verily, His command, when He intends a thing, is only that He says "Be!" - and it is! (Al-Quran)
Reply With Quote
The Following 5 Users Say Thank You to redmax For This Useful Post:
Ayesha Shakir (Saturday, June 04, 2011), kacho (Saturday, February 04, 2012), Tassawur (Saturday, June 04, 2011), UltimateCSP (Saturday, June 04, 2011), venom (Saturday, June 04, 2011)
Reply

Tags
budget 2011-2012, fy11-12

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
Budget proposals for the next fiscal year 2011-12 in the National Assembly Zulfiqar Shah News & Articles 0 Saturday, June 04, 2011 09:58 AM
Budget Statistics 2010-2011 And brief Analysis redmax Pakistan Affairs 0 Friday, November 05, 2010 02:44 AM


CSS Forum on Facebook Follow CSS Forum on Twitter

Disclaimer: All messages made available as part of this discussion group (including any bulletin boards and chat rooms) and any opinions, advice, statements or other information contained in any messages posted or transmitted by any third party are the responsibility of the author of that message and not of CSSForum.com.pk (unless CSSForum.com.pk is specifically identified as the author of the message). The fact that a particular message is posted on or transmitted using this web site does not mean that CSSForum has endorsed that message in any way or verified the accuracy, completeness or usefulness of any message. We encourage visitors to the forum to report any objectionable message in site feedback. This forum is not monitored 24/7.

Sponsors: ArgusVision   vBulletin, Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.