ISLAMABAD: The Government of Pakistan has presented a plan to the International Monetary Fund (IMF) for the collection of Rs1,080 billion through petroleum levy (PL) in the fiscal year 2024-25, which is Rs 211 billion higher as compared to the fiscal year 2023-24.
This was stated in the International Monetary Fund (IMF)’s report titled, “Second and final review under the Stand-By Arrangement (SBA)” released on Friday.
Pakistan is expected to collect Rs918 billion against a revised estimate of Rs923 billion through PL in the current fiscal year 2023-24, which will be Rs49 billion higher as compared to the budgeted target of Rs869 billion.
At present, the Pakistan government is charging Rs60 per litre levy on petrol and high-speed diesel (HSD).
The government is surpassing the PL collection target of Rs869 billion budgeted for the ongoing fiscal year following 83 percent collection during the first three quarters.
The government has collected Rs719 billion during July-March 2023-24 which is 83 per cent of the budgeted Rs869 billion as collection of levy was 99 per cent higher during the first three quarters of the current fiscal year as opposed to the same period of the last fiscal year.
Copyright Business Recorder, 2024
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