KARACHI – National exchequer seems to reap the fruit of flourishing economy as revenue collection has increased considerably.
According to details, tax on motor vehicles has soared to Rs9.918 billion during first six months of fiscal year 2016-17. During the same period of last fiscal year, it stood at Rs8.966 billion.
Likewise, tax from property has also doubled in July-Dec period of 2016. Federal board of revenue (FBR) collected Rs4.75 billion in first half of FY 2016-17. During same period of last fiscal year it stood at Rs2.430 billion.
Similarly, collection from petroleum levy swelled by 18pc to Rs79 billion in July-Dec period of 2016.
Passport fee collection also went up as Rs7.146 billion were deposited in national exchequer in July-Dec period of 2016. It stood at Rs6.177 billion during same period of FY 2015-16.
Following footprints of revenue collection, fiscal deficit also soared to alarming Rs799 billion in July-Dec period of 2016. During same period in FY 2015-16, it stood at Rs515 billion.
Fiscal deficit now amounts to 2.4pc of GDP in six months of FY 2016-17 as against 1.7pc of in six months of 2015.
Defence spending has also gone up to Rs 336 billion in July-Dec period of 2016. It stood at Rs303 billion in first six months of FY 2015-16.
Interest and debt payment has soared to Rs647 billion in first half of current fiscal year. Last year, it stood at Rs632 billion in same period.