ISLAMABAD, June 28: The Azad Jammu and Kashmir Council (AJKC) on Monday announced its Rs3.112 billion budget for the 2005-06 financial year with a revenue target of Rs2.712 billion.

The budget meeting was presided over by AJK President Sardar Mohammad Anwar Khan, while it was announced by the council’s minister in charge, Makhdoom Syed Faisal Saleh Hayat, at the ministry of Kashmir Affairs and Northern Areas (KANA).

The AJK Council fixed a revenue target of Rs2.712 billion out of which the income tax target was Rs2.662 billion.

In the budget Rs837 million have been allocated for development expenditures and Rs313.836 million were earmarked for non-development expenditures. An amount of Rs1.945 billion have been released to the AJK government as its 80 per cent share out of the net income tax receipts against the income tax collection of Rs2.5 billion during the financial year 2004-05.

The development outlay for the AJK has been enhanced by 150 per cent against the previous financial year, the minister said.

He said the AJK Council plans to launch some important projects in the fields of energy and tourism which would certainly impact the overall economic development of the AJK.