Petroleum and gas surcharges yield Rs 64.546bn in 06-07
By Sajid Chaudhry
ISLAMABAD: The federal government earned Rs 64.546 billion from the taxes levied on petroleum products and natural gas including CNG, LPG during 2006-07.
According to a report released by the ministry of finance here on Saturday, the government earned Rs 29.658 billion from petroleum development levy and Rs 34.888 billion from gas development levy surcharges.
The federal and provincial governments have suffered a consolidated budget deficit of Rs 377.536 billion during the last fiscal year 2006-07. The budget deficit amounted to 4.3 percent of the GDP in 2006-07 as compared to the projection of 4.2 percent of the GDP.
Total revenues of the government stood at Rs 1,297.957 billion and the total expenditures amounted to Rs 1,675.493 billion during last fiscal year.
The government transferred Rs 400.129 billion during the full year as provincial share from the federal revenues under interim National Finance Commission (NFC) award announced by the President of Pakistan.
According to the report tax revenue of Rs 889.685 billion was collected and non-tax revenues stood at Rs 408.272 billion during the last fiscal year.
Details of the expenditures of the federal government during last fiscal year show that the government spent a total sum of Rs 1675. 493 billion that includes, Rs 1375.345 billion as non-development expenditures. The details of the current or non-development expenditures in the last fiscal year were the government paid Rs.368.797 billion on debt servicing and interest on local and foreign loans. Debt servicing includes Rs 318.939 billion were spent on servicing of domestic debt and Rs 49.858 billion were spent of servicing of foreign debt. Total defense expenditures were Rs 249.858 billion, the development expenditure and net lending stood at Rs 424.658 billion.
The budget deficit during the last fiscal year stood at Rs 377.536 billion that was financed through borrowing from external resources of Rs 199.690 billion and Rs 177.846 billion were borrowed from domestic resources.
Provincial revenue of government of Punjab amounted to Rs 234.969 billion against expenditures of Rs 314.548 billion during the last fiscal year, leaving a budget deficit of Rs 80.579 billion. Punjab received Rs 191.504 billion as revenue share from federal taxes under the NFC award share during the said period. Punjab has received negative Rs 3.152 billion as federal loans and grants in the said period. Punjab has spent Rs 109.605 on development schemes and non-development expenditures were Rs 205.943 billion in the last fiscal year. Punjab paid Rs 8.519 billion as interest on federal loans. Provincial tax collection amounted to Rs 19.608 billion.
Total revenue of government of Sindh stood at Rs 146.811 billion and the total expenditures of the province remained at Rs 161 billion during the last fiscal year, leaving a budget deficit of Rs 15.042 billion. Sindh received Rs 131.314 billion as NFC Award share of the federal taxes. Total expenditures of the province were Rs 161.853 billion, which include non-development expenditure worth Rs 126.730 billion, development expenditure of Rs 35.123 billion and interest payment to federal government of Rs 5.227 billion. The province received Rs 5.828 billion in federal grants in the last fiscal year. The provincial government collected Rs 14.033 billion as provincial taxes.
Total revenue of the NWFP amounted to Rs 63.904 billion and total expenditures of the province stood at Rs 72.813 billion during the last fiscal year resulting in a budget deficit of Rs 8.909 billion in the last fiscal year. The NWFP government received Rs 46.038 billion as its NFC award share from the federal government during 2006-07. The province also received Rs 4.2 billion from federal government as net hydel profits. NWFP’s total expenditures were Rs 72.813 billion, which includes Rs 49.188 billion as non-development expenditures and Rs 23.625 billion as development expenditures. The province paid Rs 2.951 billion as interest on federal loans. The federal government provided NWFP with grants worth Rs 9.765 billion.
Total revenue of the government of Balochistan stood at Rs 37.737 billion and the total expenditures of the province were Rs 52.726 billion during last fiscal year leaving a budget deficit of Rs 14.989 billion. The provincial government received a sum of Rs 31.273 billion as its NFC award share from the federal government during the said period. Balochistan received Rs 9.921 billion in grants from the federal government whi;e provincial tax collection remained at Rs 801 million.