Federal Cabinet approves budget proposals

Federal Cabinet approves budget proposals

Islamabad: (Friday, June 01, 2012) The Federal Cabinet has approved the proposals for the annual Federal Budget for the fiscal year 2012-2013. The total volume of the budget is Rs3.11 trillion.

Prime Minister Yousuf Raza Gilani, who chaired the cabinet meeting for budget discussion, signed the budget document after it was approved.

According to the news sources, a proposal seeking 20 per cent increase in the salaries of the government employees was approved. Besides that, the tax exemption ceiling was also increased from Rs 35,000 to Rs 400,000.

Another proposal, seeking significant hike in the cigarette prices was also approved by the cabinet.

Earlier, the Federal minister for Finance, Dr. Hafeez Sheikh briefed the participants of the meeting about the budget proposals that was to be presented before the parliament later today.

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Posted by Fayyaz Yaseen on Jun 1 2012. Filed under Business, Pakistan. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry