PDM govt destroyed economy further as during year 2022-23

— Budget deficit remains 7.7 percent under economic managers of Shehbaz Sharif

ISLAMABAD: Budget deficit was recorded Rs 6521 billion during the last fiscal year 2022-23 with a percentage of 7.7 percent against the budgetary target of 7.1 percent.

According to the summary of consolidated fiscal operations uploaded by Finance Davison, the total revenue during the last fiscal year was Rs 9633 billion against the total expenditure of Rs 16154 billion. The tax revenue remained Rs 7818.6 billion in which Federal share Rs 7169 billion and Provincial Rs 649.5 billion.

Out of total Rs 7169 billion tax revenue; Direct taxes Rs 3272 billion, Taxes on  international trade (Customs) Rs 943.4 billion, sales tax  Rs 2592.1 billion and  federal excise Rs 369.7 billion.

Meanwhile, the provincial sales tax on services was recorded Rs 416.9 billion, Excise Duty Rs 9.6 billion, Stamp duties Rs65 billion, Motor vehicles tax Rs31.7 billion and other taxes Rs 126 billion.

The total non tax revenue was recorded Rs 1814 billion in which Federal Rs 1648 billion and Provincial Rs 165 billion.

Mark-up (PSEs & Others) taxes remained Rs 144.6 billion, Dividend Rs68 billion, Profit PTA & others Rs84.5 billion, Surplus Profit of State Bank of Pakistan Rs371 billion, Defence Receipts Rs21 billion, Passport Fee Rs34 billion, Discount retained on Crude Oil Rs23.08 billion, Royalties on Oil/Gas Rs120 billion, Windfall Levy against Crude Oil Rs27.7 billion, Petroleum Levy on LPG Rs3.4 billion, Gas Infrastructure Development Cess Rs10.9 billion, Natural Gas Development Surcharge Rs10.6 billion, Petroleum Levy Rs579 billion and Rs148 billion collected in other taxes during last year.

Total expenditure was Rs16.535 trillion with current expenditure Rs 14.5 trillion in the last fiscal year. Of the total federal Rs10.7 trillion expenditure; mark-up payments was Rs5.83 trillion (Domestic Rs5.01 trillion, Foreign Rs 759.8 billion), Defence Affairs and Services Rs1.545 trillion, Pension Rs 666.3, Running of Civil Govt Rs634 billion, Subsidies Rs10.8 trillion, Grants to Others Rs987.9 billion.

In addition, development expenditure & net lending in last fiscal year recorded Rs 1.95 trillion. Out of Rs 1.89 Total Development Expenditures; PSDP was Rs1.89 (Federal Rs 651 billion, Provincial Rs1.24 trillion), and  Net lending PSE’s Rs59 billion.

According to the document, Primary Balance remained Rs 690 billion and  Statistical Discrepancy Rs 380 billion.

Document states that the total financing remained Rs6521 billion in which the government has borrowed Rs 7201 billion from domestic sources (Bank Rs3528 billion and Non banks Rs 3672 billion) and also retired Rs 679.8 billion on account of external financing.

According to the document, Out of total revenue Rs5300 billion, an amount of Rs 4223 billion transfers from Federal Govt. under the NFC Award.

The provincial taxes remained Rs 649.5 billion and non taxes Rs 165.8 billion.


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