The Pakistan People’s Party led coalition government will mark a new milestone today, Friday, June 1, when Finance Minister Dr. Abdul Hafeez Sheikh presents the Federal budget for the next financial year 2012-13 in the National Assembly.

This is first time in Pakistan’s history that a democratic government presents its fifth national budget during its tenure.

Here we will provide you live updates on the budget presentation as it is announced.

[18:40]Rs39.16 billion allotted for Pakistan Atomic Energy Commission.

The Prime Minister House will be converted into an institute for advanced studies and the prime minister will live in a small house.

“For the progress and development of solar tube-wells, subsidy will be given to them, so that the energy crisis can be curbed… No matter how much money is needed to curb the energy crisis, we will provide it,” says Shaikh.

[18:35] Duty on raw material for 88 medicines has been reduced from 10 to 5 per cent

[18:32] Minimum tax slab has been raised to Rs400,000.

[18:31] Sales tax on imports has been standardised to 16 per cent.

[18:30] Inflation target has been set at 9.5 per cent, while fiscal deficit target has been set at 4.7 per cent.

[18:28] Salaries of government employees are to be increased by 20 per cent.

[18:25] Out of Rs873 billion for PSDP, Rs350 billion goes to the federation, Rs513 billion for the provinces, while Rs10 billion will be spent for reconstruction and rehabilitation of earthquake-hit areas.

[18:23] Total PSDP allocation in the budget stands at Rs873 billion

[18:17] The finance minister highlights the fiscal efforts and achievements of his government in curtailment of inflation and expenses while enhancing development work.

 [18:14] Scuffles erupt in National Assembly as the finance minister commences with his speech

[18:00] The Finance Minister, Dr Abdul Hafeez Shaikh, begins his budget speech

[17:45] Revenue target for the coming fiscal year is set at Rs2.50 trillion

[17:30]  The total budget outlay approved amounts to Rs3.203 trillion

[17:00] Federal cabinet approves budget proposals. Finance minister to deliver budget speech to parliament shortly.

[15:30] Federal Cabinet session has begun. Scrutiny of budget proposal taking place