PESHAWAR. Khyber Pakhtunkhawa (KP) Minister for Finance, Sirajul Haq on Saturday presented a Rs404.80 billion budget for the year 2014-15 in the provincial assembly.
It includes an ambitious Rs139.80 billion Annual Development Program and a 10 per cent increase in the salaries of government employees.
Presenting the annual budget in the provincial assembly, the finance minister said that the annual receipts and expenditures have been pitched at Rs404.80 billion which is 18 per cent higher than the outgoing fiscal year.
It is a balanced budget, he told the house, wherein Rs265 billion have been allocated for the current revenue expenditures.
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Giving details of the revenue receipts to be secured in the next fiscal year, he said that Rs227.120 billion would be provided to the province from the federal taxes, which is 14.55 per cent more than the outgoing fiscal year.
He said that the province is expected to receive Rs27.292 billion as charges incurred in the war against terror.
The province is to generate Rs29.260 billion from royalty on gas and petroleum produced in the southern areas showing an increase of 6.4 per cent over the current revenue generation.
The province will receive Rs12 billion from general services on sales tax showing 100 per cent increase over the current fiscal year.
Province owned receipts have been estimated at Rs13.93 billion. The revenue from the province's owned hydel-power generation has been estimated at Rs2.85 billion which is 21 per cent higher than the outgoing fiscal year, he said.
The total volume of the province owned revenue receipts has been estimated at Rs28.787 billion which is 70 per cent higher than the current fiscal year.
He told the house that the province is expected to receive Rs12 billion as net hydel profit while the federal government has assured to pay Rs32.27 billion in the next fiscal year as arrears against net hydel profit.
Other miscellaneous generation the province expected to get amounted to Rs 720 million whereas the Rs 35.350 billion expected to be obtained from foreign project assistance.