Following are highlights of the budget for the financial year 2012-13 announced by Federal Finance Minister Dr. Abdul Hafeez Sheikh in the National Assembly here on Friday evening:-

- Budget total volume is Rs.2,960 billion

- Tax collection estimate for year 2012-13 is Rs.3,234 billion

- FBR sets target Rs.2,381 billion as tax collection

- Rs.1,459 billion to be transferred to provinces under NFC Award

- Budget deficit is likely to remain at Rs.1,185 billion

- Provincial Surplus estimated at Rs.80 billion

- Rs.70 billion to be allocated for BISP

- Rs.10 billion to be allocated for Export Development Fund

- 10% additional discount at Utility Stores on different commodities for BISP card holders

- Govt to set up 2,000 new Utility Stores, 35,000 families to get relief

- 100,000 youth to get internships, technical training

- Bachelor, Master Degree Holders to get 40,000 internships each in public and private sector

- 20,000 Graduates to be imparted skilled training to fulfil domestic and foreign demand

- Govt to pay tuition fee of PhD and Master students belonging to Balochistan, FATA, Gilgit-Baltistan

- 20% adhoc relief in pay and pension of Federal Government Employees.

- Income Tax Exemption Limit enhnaced upto Rs.400,000

- Tax on Business Turnover reduced from 1% to 0.5%

- Withholding tax ceiling for cash withdrawl from banks enhanced from Rs.25,000 to Rs.50,000

- Federal Excise Duty on 10 items abolished

- Federal Excise Duty on cement reduced from Rs.750 to 500 per metric ton.

- 18 raw materials, 9 components being used for text books, stationary exempted from Customs Duty.

- Customs duty reduced from 10% to 5% on 88 raw materials of Pharmaceutical Industry

- Growth rate remains at 3.7 % as compared to 3.4 % during last two years

- Pakistan repay $ 1.2 billion of loans to IMF

- Sales Tax rate reduced from 17% to 16%

- Current expenditure registers 10% decrease

- Total volume of grants reaches 70% of Divisible Pool

- Parliament passes 24 laws to empower women during last four years

- Inflation reduced to 11%, next year it will be cut down to single digit

- Tax Revenues registers 46% increase, tax collection increases from Rs.1327 billion to Rs.1950 billion

- Subsidy of Rs.50 billion given on fertilizer

- Indistrial growth rate projected to 3.4% this year against 3.1percent last year

- Subsidies of Rs.1,250 billion given on electricity sector during last five years

- Govt injected 3500 MW of electricity to National Grid

- Pakistan to get 2 billion cubic feet of gas from Pak-Iran Gas pipeline, Turkmenistan-Afghanistan-Pakistan India gas pipeline.

- 500 million cubic feet of LNG will be made available for consumers

- Govt gave reilef of Rs.70 billion on petroleum products

- National Economic Council approved Annual Development Plan of Rs.873 billion

- Federal Government share in Annual Development Plan is Rs.300 billion

- 200 projects completed under Public Sector Development Programme (PSDP) at a cost of Rs.300 billion.

- Govt allocates Rs.360 billion under PSDP for 96 ongoing projects

- Rs.69 billion earmarked for Electricity secton, WAPDA, Electric Companies will be given Rs.115 billion

- Rs.48 allocated for Water sector, Rs.44 billion for Social Sector

- FATA, Gilgit-Baltistan, AJK to get Rs.37 billion

- Rs.16 billion allocated for Higher Education

- Rs.84 billion allocated for Transport and Communication (Rs.51 billion for NHA, Rs.23 billion for Railways)

- Balochistan share incrase upto 9.09% in Divisible Pool

- Govt accepted Rs.120 billion as royalty on gas sale from 1954 to 1991 for Balochistan

- Federal Government to finance 11500 jobs for Baloch youth

- Block Development Allocation enhanced up to Rs.16 billion for Gilgit-Baltistan

- Rs.10 billion allocated for mega project in Gilgit-Baltistan

- Rs.17 billion allocated in PSDP for FATA

- Rs.12 billion for development projects, Rs.16.5 billion allocated for cuerent expenditure for Azad Kashmir besides a loan of Rs.8.5 billion

- Remittances by overseas Pakistan touch $ 13 billion mark during last two years

- Exports register 28% increase, volume touches $ 25 billion mark

Source: APP