Pakistan to unveil new budget

The Pakistan government is set to unveil the nation's latest budget on May 24 and 26, the media reported on Sunday.

Prime Minister Nawaz Sharif on Saturday formally sent advice to President Mamnoon Hussain to summon the National Assembly and Senate sessions for the presentation of the federal budget 2017-18, Dawn online reported.

According to official sources, Sharif has also sent a summary to the President requesting him to summon a joint session of both houses of Parliament on June 1 for the mandatory annual presidential address.

This will be the fourth address of President Hussain to Parliament since he assumed office in September 2013.

Dawn online cited sources as saying that Finance Minister Ishaq Dar will present the budget in the National Assembly on May 26 and lay the budget documents before the Senate on the same day.

An official told Dawn News that the government has almost finalised the draft of the Public Sector Development Programme (PSDP) for 2017-18 and Economic Survey 2016-17.

According to the official, the government has decided to increase the salary and pension of government employees. However, the rate of increase has not been decided yet.

The taxation part of the budget that focuses on tax rates and broadening the base is yet to be finalised, according to a tax official.

"No new tax will be imposed in the budget," the source said, adding that the focus is on the rationalisation and reverse cascading of tax rates.

To provide incentives to the local industry, duties and taxes will be brought down on raw materials.

Source: Khaleej Times