KPK unveils Rs.487.884bn balanced, tax-free budget amid opposition’s rumpus

PESHAWAR: Provincial Finance Minister Muzzaffar Syed Advocate on Monday presented Rs.487.884 KPK balanced budget for the fiscal year 2015-16, showing 21 percent rise over outgoing fiscal with no new tax for Khyber Pakhtunkhwa.
It also carried a development outlay of Rs.174.884 billion with ten percent increase in the salary of government employees. The budget session started with Speaker Asad Qaisar Khan in the chair with recitation of verses from the Holy Quran,
From the outset, the opposition members from PPP, PML-N, JUIF and ANP, started chanting slogans against the PTI for their alleged rigging in the LG elections in the province.
In his speech, the Finance Minister said no new tax had been levied in the budget except some re-adjustments.He estimated provincial revenue receipt at Rs. 487.884 billion while the total expenditures had been projected at Rs.487.884 billion,showing balance in the receipt and the expenditures.
He said the province would get revenue receipts to meet it expenditures and added “we will be getting Rs. 250.89 billion from the federal divisible pool, showing ten percent rise over the current fiscal.”The province was expected to receive Rs.30.146bn as expenditures against war on terror, he added.
He said that royalty on oil and gas generated in the province would add up Rs.19.41 billion to the provincial kitty which are 33 percent less than the outgoing fiscal. Similarly Rs. 44 billion would be obtained through general sales tax on services which are 17 percent higher than 2014-15, eh added.
He said the province will receive around Rs.37.124 billion from other revenue sources which are 166 percent higher than the current fiscal.The Province, the Finance Minister said would generate Rs.3.30
billion from its own hydel power stations showing 16 percent increase over the current fiscal year.
The province’s own total revenue income comes to Rs.54.424 billion with 89 percent increase. In all Rs.15 billion would be secured through financing of the hydel power stations, he added.He said the government has proposed Rs.14 billion from saving of the previous fiscal years for additional expenditures. The province is expected to get Rs.17 billion as net hydel profit in 2015-16 whereas the federal government has assured to pay Rs.51.873 billion as net hydel profit arrears in the next fiscal, he added.
The government, he said, expected to generate Rs.8 billion from the auction of the timber whereas Rs.2.25 billion are likely to be obtained from other miscellaneous sectors. Under the foreign project assistance, the KP is likely to secure Rs.32.884 billion in the next year, he added.