ISLAMABAD: The government was able to collect around Rs600 billion revenues on oil and gas during financial year 2013-14.
According to data released by the ministry of finance, the government collected about Rs306bn as non-tax revenues and a special tax (petroleum levy) during the last fiscal year ending on June 30 compared with about Rs280bn of the same period the previous year, showing an increase of more than nine per cent.
In addition, the government also collected about Rs220bn as sales tax on oil and gas during fiscal year 2013-14.
Interestingly, the collection on account of petroleum levy on oil products posted a decline over the previous year.
During the fiscal year 2013-14, collection of petroleum levy amounted to Rs103.5bn against Rs109.66bn in 2012-13, showing a decline of 5.6pc.
During fiscal year concluded in June 2014, the collection of development surcharge on natural gas amounted to Rs38.5bn against Rs32.2bn of the previous year, showing a healthy increase of about 20pc.
A major contribution of Rs41bn came on account of discount retained on crude oil during fiscal year 2013-14 compared to Rs15.5bn of a year before, showing a substantial 165pc improvement. This was mainly because of higher international oil prices and improved crude oil production at home.
Likewise, the collection on account of royalty on oil and gas during 2013-14 amounted to Rs76.44bn compared with Rs65.2bn of the previous year, showing an increase of more than 17pc.
The government was also able to earn Rs14.5bn during last fiscal year as windfall levy against crude oil compared with Rs23.75bn of previous year, showing a reduction of about 39pc.
On top of that, the collection on account of gas infrastructure development cess during fiscal year 2013-14 amounted to Rs32bn compared with Rs33.56bn of a year before, showing a decline of 4.6pc.
The government’s total revenue collection in 2013-14 amounted to Rs3.637 trillion compared with Rs2.982tr of previous year, showing an increase of 22pc.
Tax revenue, however, amounted to Rs2.564tr last year compared with Rs2.199tr, showing an increase of 16.6pc.
Therefore, the government was able to end up last fiscal year with a budget deficit of 5.5pc compared with 8pc of the GDP during 2012-13.
Published in Dawn, September 2nd , 2014
Govt collects Rs600bn from oil, gas sector - Newspaper - DAWN.COM
According to data released by the ministry of finance, the government collected about Rs306bn as non-tax revenues and a special tax (petroleum levy) during the last fiscal year ending on June 30 compared with about Rs280bn of the same period the previous year, showing an increase of more than nine per cent.
In addition, the government also collected about Rs220bn as sales tax on oil and gas during fiscal year 2013-14.
Interestingly, the collection on account of petroleum levy on oil products posted a decline over the previous year.
During the fiscal year 2013-14, collection of petroleum levy amounted to Rs103.5bn against Rs109.66bn in 2012-13, showing a decline of 5.6pc.
During fiscal year concluded in June 2014, the collection of development surcharge on natural gas amounted to Rs38.5bn against Rs32.2bn of the previous year, showing a healthy increase of about 20pc.
A major contribution of Rs41bn came on account of discount retained on crude oil during fiscal year 2013-14 compared to Rs15.5bn of a year before, showing a substantial 165pc improvement. This was mainly because of higher international oil prices and improved crude oil production at home.
Likewise, the collection on account of royalty on oil and gas during 2013-14 amounted to Rs76.44bn compared with Rs65.2bn of the previous year, showing an increase of more than 17pc.
The government was also able to earn Rs14.5bn during last fiscal year as windfall levy against crude oil compared with Rs23.75bn of previous year, showing a reduction of about 39pc.
On top of that, the collection on account of gas infrastructure development cess during fiscal year 2013-14 amounted to Rs32bn compared with Rs33.56bn of a year before, showing a decline of 4.6pc.
The government’s total revenue collection in 2013-14 amounted to Rs3.637 trillion compared with Rs2.982tr of previous year, showing an increase of 22pc.
Tax revenue, however, amounted to Rs2.564tr last year compared with Rs2.199tr, showing an increase of 16.6pc.
Therefore, the government was able to end up last fiscal year with a budget deficit of 5.5pc compared with 8pc of the GDP during 2012-13.
Published in Dawn, September 2nd , 2014
Govt collects Rs600bn from oil, gas sector - Newspaper - DAWN.COM
