Khyber Pakhtunkhwa government unveils Rs 404 billion balanced ‘tax-free’ budget

* Rs 139.80bn allocated for ADP* Salaries raised by 10% *Budget for police increased by 20% * Rs 219bn, 57.27% of total budgetary allocation, set aside for welfare projects

PESHAWAR: Khyber Pakhtunkhwa Minister for Finance Sirajul Haq Saturday presented Rs 404.80 billion budget for year 2014-15 in the provincial assembly, carrying Rs 139.80 billion Annual Development Programme and 10% increase in the salaries of the government employees.
Presenting the annual budget in the provincial assembly, the finance minister said that the annual receipts and expenditures have been pitched at Rs 404.80 billion which is 18% higher than the outgoing fiscal year.
It is a balanced budget, he told the House, wherein Rs 265 billion have been allocated for the current revenue expenditures.
Giving details of the revenue receipts to be secured in next fiscal year, he said that Rs 227.120 billion would be provided to the province from the federal taxes which is 14.55 percent more than the outgoing fiscal year.
The province expected to receive Rs 27.292 billion as charges incurred in war against unrest.
The province to generate Rs 29.260 billion from royalty on gas and petroleum produced in the southern areas showing an increase of 6.4 percent over the current revenue generation.
The province will receive Rs 12 billion from general services on sales tax showing 100 percent increase over the current fiscal year.
The province owned receipts have been estimated at Rs 13.93 billion.
The revenue from province’s owned hydel power generation has been estimated at Rs 2.85 billion which is 21 percent higher than the outgoing fiscal year.
The total volume of the province owned revenue receipts has been estimated at Rs 28.787 billion which is 70 percent higher than the current fiscal year.
He told the House that the province expected to receive Rs 12 billion as net hydel profit while the federal government has assured to pay Rs 32.27 billion in the next fiscal year as arrears against net hydel profit.
Other miscellaneous generation the province expected to get amounted to Rs 720 million whereas the Rs 35.350 billion expected to be obtained from foreign project assistance. Referring to expenditures estimated for the next fiscal, the senior finance minister told the House that Rs 80.729 billion have been allocated for education which is 21 percent more than the current fiscal.
For health sector, Rs 25.237 billion have been earmarked which are 11 percent more than the outgoing financial year, he added.
Similarly, Rs 1.114 billion will be spent on the development of social welfare, special education and women development showing 20 percent increase.
He said that the budget of police has been increased by 20 percent which will receive Rs.28.534 billion in 2014-15.
He told the House that the irrigation sector will get Rs 3.20 billion followed by technical education and manpower training Rs 2.17 billion, Agriculture Rs 3.14 billion, Environment and Forest Rs 1.65 billion, and communication Rs.5.26 billion. Rs 30.81 billion allocated for pension in 2014-15 which are 28 percent higher, Rs2.71 will go to subsidy showing nine percent increase over current year and Rs 13.9 billion for payment of debt servicing showing 17 percent rise.
The finance minister said that coalition government has divided the budget into three segments namely Welfare, Development and Administrative in order to ensure financial discipline in system of governance.
The welfare budget would consume Rs.219.69 billion of the current expenditure in 2014-15 which comes to 57.27 percent of the total budgetary allocation. Similarly, the administrative budget would get Rs.45.305 billion which is 11.19 percent of the total budget and showing an increase of 16.08 percent over the current fiscal.
Similarly he told the House that the development side of the budget has been pitched at Rs.139.80 billion which is 34.54 percent of the total budget and showing an increase of 18.48 percent over the current fiscal. The development outlay mainly focused on completion of the ongoing projects, he added.
He that no new tax has been levied in 2014-15 budget except some adjustments in the present taxes. 

comments powered by Disqus
  • DailyTimes.Official
  • DailyTimes_DT
  • Rss
Sunday Magazine
Aaj Kal