Abb Takk News
Abbtakk Pakistan News Ticker Pakistan TRENDING

Acting President Sanjrani Signed Finance Bill 2018-19

Islamabad (May 22, 2018): Acting President Sadiq Sanjrani signed the Finance Bill 2018-19 today.

According to the details, acting President Sadiq Sanjrani signed the Finance Bill 2018-19 today. It was the sixth and last budget presented by the outgoing PML (N) government. The bill was sent to presidency for validation after approval by Parliament.

Earlier on May 18, the National Assembly has passed the Finance Bill 2018 giving legal cover to the budgetary proposals for the next financial year.A number of proposals given by members during the debate on the budget and recommendations of the Senate have been incorporated either fully or partially but the basic structure of the budget remains as announced by |Finance Minister on 27th of last month.

Click Play Button To Watch This Video 

The new budget, which is for full year, envisages incentives and relief for industry, agriculture and different segments of the society.

An unprecedented tax relief was announced in the budget and has been retained in the final version despite propositions made by some political parties and the upper house to increase the tax rate. People with annual income of between four hundred thousand eight hundred thousand rupees will pay a token amount of one thousand for the entire year and those with income of eight hundred thousand and 1.2 million would pay just two thousand rupees.Ten percent ad hoc relief allowance to the civil and armed forces employees and ten percent increase in pensions across the board.

House rent ceiling and house rent allowance have also been increased by fifty percent each.

The minimum pension is being increased from the existing six thousand to ten thousand rupees considering the difficulties of low paid pensioners.

Similarly, the family pension would also get an increase from 4500 rupees to 7500 rupees.Minimum pension of pensioners above seventy five years of age would be fifteen thousand rupees.

The government has also proposed an allocation of twelve billion rupees for the provision of advances to government servants for house building and purchase of transport facility. It has also set aside five billion rupees for senior officers performance allowance, details of which would be announced separately.

Related News:

Budget 2018-19: Finance Bill, Budget Speech Documents

National Assembly Passes Budget 2018-19