9MFY24 collection: Provinces given 53pc of total revenue under NFC Award

ISLAMABAD: The provinces were transferred 53 percent of the total tax revenue collected during the first nine months (July-March) of the current fiscal year and higher by 29 percent over the same period a year before.

According to the official data, the total tax revenue collection by the Federal Board of Revenue (FBR) during the first nine months of the current fiscal year has been Rs7,262.483 billion. Of the total tax revenue, the federal government transferred Rs3,815.148 billion to the provinces under the NFC Award, which is 53 percent of the collection. The provinces have got 29 percent higher tax revenue during the current fiscal year when compared to Rs2,953.108 billion transferred to them during the same period a year before.

Of the total tax revenue, the government transferred to the Punjab province Rs1,865.088 billion during July-March 2023-24 as opposed to Rs1,455.191 billion transferred during the same period a year before. The tax revenue transferred to the province under the NFC award in the ongoing fiscal year is higher by 28 percent compared to the last fiscal year.

Jul-Dec tax collection: FBR surpasses target

As per data, the federal government transferred Rs946.832 billion of tax revenue under the NFC Award to Sindh province during the first nine months of the current fiscal year as opposed to Rs727.093 billion transferred during the same period a year before.

The provincial government of Khyber-Pakhtunkhwa was transferred Rs623.947 billion during the first nine months of the current fiscal year, which is 29 percent more compared to Rs484.003 billion transferred to the province during the last fiscal year.

The federal government has transferred Rs379.281 billion to the Balochistan province during July-March 2023-24, up by 32 percent over Rs286.821 billion transferred to the province during the same period a year before.

The Punjab government has received 49 percent of the total tax revenue share of the provinces followed by the Sindh government 25 percent, Khyber-Pakhtunkhwa government 16.33 percent, and Balochistan 9.93 percent.

Copyright Business Recorder, 2024