2013–14 Pakistan federal budget
Emblem of Pakistan
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| Deficit | 6.3% of the GDP |
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| Website | Ministry of Finance |
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The Federal Budget 2013–14 was the federal budget of Pakistan for the fiscal year beginning from 1 July 2013 and ending on 30 June 2014. The budget was presented by Finance Minister Ishaq Dar on 12 June 2013 during a session of the National Assembly. This is the first federal budget presented during the tenure of newly elected Prime Minister Nawaz Sharif and his cabinet since the change of government following the nationwide general elections held in 2013.
The new budget has an outlay of ₨. 3.51 trillion and is designed to achieve a 4.4% growth rate in the economy over the next fiscal year. The budget seeks to address the country's energy crisis, reduce non-development expenditures and bring about a range of new economic policies of the elected government. The government has termed the budget as "an investment and business friendly budget."
Although no new property taxes were levied in Federal Budget but the provincial Punjab Budget 2013–14 imposed new taxes on property. Property sellers were made liable to pay a fixed percentage of tax which decreases as the retention period increases. Despite imposition of the heavy taxation, country's leading economists and financial experts believe it won't hamper the growth of the booming property market of Pakistan. The budget also allocates ₨. 57.4 billion for development of various areas in higher education— highest in the history of Pakistan.
Initial financial calculations were aimed towards the budget makers with an ambitious target by the incoming PML-N government to bring down next year's fiscal deficit by about 2.50% of GDP through a combination of revenue and expenditure control measures of over ₨. 550 billion. With an interaction with Dar, the senior economists and officials of the Finance ministry gave out an understanding that current year's budget deficit would be restricted within 7.5pc of GDP or less than ₨. 1.8 trillion. Instructions were given to bureaucrats by Dar that the deficit to be scaled down by about 2.5pc of GDP and desired the budget makers to design next year's budget on those lines.
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