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Print Print 2023-02-09

First six months: Fiscal deficit swells to 2pc of GDP

ISLAMABAD: Fiscal deficit has been recorded at two per cent of the GDP or Rs1,683 billion during the first six ...
Published February 9, 2023

ISLAMABAD: Fiscal deficit has been recorded at two percent of the GDP or Rs1,683 billion during the first six months of the current fiscal year, according to the Finance Ministry.

A summary of consolidated federal and provincial fiscal operation for July-December 2022-23, showed that total revenue stood at Rs4,698 billion against the total expenditure of Rs6,382 billion during the first six months of the current fiscal year.

Current expenditures stood at Rs6,061 billion following a whooping increase of over 77 percent compared to the last fiscal year. Debt servicing during July-December last year was Rs1,452 billion which increased to Rs2,573 billion during the same period of the current fiscal year.

The development expenditure and net lending was Rs636 billion. Tax revenue was recorded Rs3,731 billion and non-tax revenue Rs967 billion. In tax revenue, federal government collection was Rs3,428 billion, whereas, the provincial collection stood at Rs303 billion. In non-tax revenue, federal government collection stood at Rs896.4 billion and provincial governments Rs70 billion.

Jul-Oct: Fiscal deficit rises 1.5pc of GDP to Rs1.266trn YoY

In current expenditure mark-up payments of Rs2,573 billion included Rs2,273.4 billion domestic, Rs299.5 billion foreign, Rs638.8 billion defence affairs and services, Rs321.1 billion pension, Rs226.6 billion civil government expenses, Rs196.6 billion subsidies, and Rs389.1 billion grants.

The report also noted that a statistical discrepancy of negative Rs315 billion was also recorded during the period under review.

Overall, the budget deficit was recorded at Rs1,683 billion, whereas, the primary balance was Rs889.5 billion (1.1 per cent of GDP). Fiscal deficit was financed by domestic net borrowing of Rs1,685 billion from non-bank resources and Rs393.842 billion from the bank.

Total federal share in tax revenue was Rs3,428 billion which included Rs1,525 billion direct taxes, Rs466 billion in taxes on international trade, Rs1,271 billion in sales tax, and Rs164 billion in Federal Excise Duty.

The total provincial share in tax revenue was Rs303 billion which included the sales tax on services Rs186.3 billion, excise duty Rs4.7 billion, stamp duty Rs31.04 billion, motor vehicle taxes Rs15.6 billion, whereas, other taxes were Rs65.2 billion.

In non- tax revenue, federal share includes a mark-up on PESs Rs77.6 billion, dividend Rs40.8 billion, SBP profit Rs371 billion, PTA profit Rs32.5 billion, royalties on gas Rs56.6 billion, defence receipts Rs9.2 billion, passport fee Rs16.4 billion, discount retained on crude oil Rs10.8 billion, windfall levy against crude oil Rs14.8 billion, Gas Infrastructure Development (GID) Cess Rs6.02 billion, natural gas surcharges Rs10.8 billion, petroleum levy Rs177 billion, and other taxes were Rs68.2 billion.

The provinces’ non-tax revenue was recorded at Rs70.6 billion in the first six months of 2022-23.

Copyright Business Recorder, 2023

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