RAWALPINDI: The Finance Minister, Mr N.M. Uquaili, this evening [June 8] presented before the National Assembly a development-oriented budget for 1968-69 showing a small surplus of Rs 33 lakhs. No new taxes have been proposed.

With capital receipts estimated at Rs 539.67 crores and disbursements at Rs 545.65 crores, the overall account shows a deficit of Rs 5.98 crores. This would be covered by certain adjustments in existing taxation.

Taking the gains on account of proposed tax adjustments and the loss resulting from the proposed reliefs, the net revenue gain of the Central Government will be Rs 6.31 crores against the estimated deficit of Rs 5.98 crores — yielding a small surplus of Rs 33 lakhs.

The proposed adjustments and revision of Customs tariffs after taking into account the specific relief of Rs 40 lakhs proposed for the next year is estimated to yield Rs 3 crores under Customs and Rs 40 lakhs under Sales Tax.

The reliefs provided in Central Excise will involve a net loss of Rs 35 lakhs and those under Sales Tax Rs 10 lakhs while those in Income Tax will be of the order of Rs one crore.

The refundable surcharge adjustment is estimated to yield Rs 3.5 crores while the increase in postal rates will yield Rs 86 lakhs.

Published in Dawn, June 9th, 2018