Tax-free 17.84 bln budget for Azad Kashmir for year 2005-06 Set Off
Pakistan Times Kashmir Desk

MUZZAFARABAD: Finance Minister of Azad Kashmir, Raja Nisar Ahmed Khan, presented Saturday Rs 17.84 billion annual tax-free budget for year 2005-06, 13 percent rise in annual budget deficit against year 2004-05.

While announcing the budget in cabinet assembly the finance minister said Rs 5.10 billion have been earmarked for development works and Rs 12.14 billion and 78 lac for non-development works.

He said that the total annual revenue of the state has been targeted at Rs 4.13 billion during the new fiscal year.

The federal government would flow Rs 2.76 billion and 57 corer to Azad Kashmir to strike balance between revenue and expenditures, informed the minister.

However, no new tax was proposed in the new budget, he apprised.●