Islamabad : Federal Finance Minister Dr Abdul Hafeez Shekh on Friday presenting Rs 2,960 billion Budget for the next financial year 2012-13 in the National Assembly, announced 20 percent increase in salaries and pensions of government employees.
In his Budget speech, Minister said total Federal receipts are estimated at Rs 1,775 billion showing an increase of 16 percent. He also announced that Sales Tax would be collected at a unified rate of 16 percent. Federal Excise Duty on ten items has been abolished with Customs Duty on 28 medicines reduced from 10 percent to five percent.
Dr Sheikh said that the limit for 0.02 percent duty on cash withdrawals from the banks has been enhanced from Rs 25,000 to Rs 50,000.