Home Economics & Business CDA approves tax free surplus budget for 2008-9 year

CDA approves tax free surplus budget for 2008-9 year

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ISLAMABAD: Capital Development Authority has approved tax free surplus budget with an out lay of 25.88 billion rupees for financial year 2008-09 with seventy five percent of the amount allocated for development purpose. Briefing media about the salient features of the budget, Chairman CDA Kamran Lashari in Islamabad today, said the current budget is four percent higher than the out going year and the focus of the budget would be on development with an allocation of over 19 billion rupees despite the reduction of PSDP allocation by the Federal Government.

He said major thrust of the development activities during the financial year would be on completion of development projects of public importance including roads, special projects, environment, water supply and sewerage. He said the total funding of the Federal Government for the year 2008-09 would be 1.5 billion rupees which is 6 percent of total budget.

He said non-development expenditure will be frozen as per instruction of the Federal Government. He announced the increase in pay and pension of employees of the Authority. Chairman CDA said that the authority will generate an estimated fund of 2.5 billion rupees through its sources during 2008-09.

He said Kashmir Highway from Peshawar More to Golra More would be widened in to four lanes to ease the traffic at a cost of 50 million rupees while 3rd avenue between G-3 and G-4 to link Murree Road with Quaid-e-Azam University would also be constructed. He said that 600 million rupees have been allocated for the construction of Interchange at Zero point, 600 million rupees for development of Rawal Lak, 500 million rupees for F-9 Park, 500 million rupees for rehabilitation of Islamabad High Way (Faizabad to Karal).

To a question he said two hundred and forty acres of land is being acquired in Zone-IV of the capital for low cost Prime Minister Housing Scheme for the government employees to ensure provision of houses to them before retirement. He said no new tax has been proposed in the next budget but CDA is planning to increase water and property tax to improve these services. To another question, Kamran Lashari said CDA is planning to use 1000 cusics water of Tarbela dam to overcome water shortage in the capital.-SANA

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