Budget 2010-2011---at a glance

Below are the few salient features of Budget 2010-2011 which I think are very important to keep the records straight. I have noticed in most newspapers that these facts are some how ‘willingly or unwillingly’ lost in the piles of figures. And people of Pakistan are made to believe that there is nothing new in the Budget for them. I also must appreciate Hafeez Sheikh’s human style of presentation of budget. He also mentioned his driver Taj malik for his part in making up this budget.

* 50% increase in the Salary [largest ever increase in Pakistan]
* 15-20% increase in pension [largest ever increase in Pakistan]
* Double increase in the medical allowance for grade 1-15 public servants
* 25% increase in family Pension [Largest ever in Pakistan]
* Provinces will get 1033 Billions rupees [Largest ever in Pakistan] please note last year they got 655 Billions.
* 200,000 people of the most deprived area of the Pakistan will be provided Jobs on daily bases for 100 days. [2 lakh new Job for 100 days at least will affect 2 lakh families]
* 50 Billions rupees for BB income support program [Largest ever direst income support programme in the world directly affecting 40 Lakh [4 million] poorest of the poor families]
* No GST for businesses with less than 7.5 millions [75 lakh] rupees turnover.
* Not increased customs duty on anything.
* Decrease duty on cooking oil and ghee and 29 other items.
* Increasing the income tax band from 200,000 to 300,000. so if you earn less than 300,000 you don’t pay income tax.
* Tax on Stocks and Bonds.
* Increase tax on domestic flights, bonds, winning a lottery and other prizes. [nothing do with the poor people]
* 10% increase duty on Air condition and deep freezer [might affect the poor people with airconditioners!]

Sources

http://ejang.jang.com.pk/6-6-2010/pic.asp?picname=4067.gif

http://ejang.jang.com.pk/6-6-2010/pic.asp?picname=4012.gif

http://ejang.jang.com.pk/6-6-2010/pic.asp?picname=4063.gif

http://ejang.jang.com.pk/6-6-2010/pic.asp?picname=41_12.gif

Dr Khawaja Muhammad Awais Khalil