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2010-11 budget - what to watch for
 Muzaffar Hameed May 25, 2010, 12:54:00 AM 

KARACHI : Pakistan is due to announce its budget for the 2010/11 (July-June) fiscal year on June 5. Following are details of the budget that have been announced and media reports on its likely contents.

MACROECONOMICS

-- The government expects gross domestic product (GDP) to grow by 4.5 percent in the 2010/11 fiscal year beginning on July 1, compared with 4.1 percent forecast for the 2009/10 fiscal year.

-- Agriculture growth in the next fiscal year is targeted at 3.8 percent, manufacturing growth at 5.6 percent and service sector growth at 4.7 percent.

-- Inflation for the 2010/11 fiscal year is targeted at 8 percent, compared with the central bank's forecast of between 11 percent and 12 percent for the 2009/10 fiscal year.

-- The government is aiming for a fiscal deficit in the 2010/11 fiscal year of between 4 percent and 4.2 percent of GDP, compared with an earlier forecast of 5.1 percent, the News newspaper reported.

TAXES, DUTIES AND SUBSIDIES

-- The government has decided to eliminate subsidies on power, fertiliser and sugar in the budget for the next fiscal year, the Business Recorder newspaper said.

-- The government is expected to announce the replacement of a general sales tax with a 15 percent value-added tax in the budget.

-- The government is expected to impose capital gains tax on the purchase of stocks made on or after July 1. BR

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