Rs321bn raised from fuel taxes in FY16

ISLAMABAD: The federal government’s revenue collection from fuel taxes rose 6.85 per cent year-on-year to Rs321.1 billion in the previous fiscal year, official figures released by the finance ministry showed on Thursday.

The growth was observed in six taxes related to the oil and gas sector, and did not include 17pc to 50pc sales tax on all petroleum products and over 20pc on natural gas.

The ministry said it collected Rs149.29bn as petroleum levy in the fiscal year 2015-16 compared with Rs131.36bn a year ago, reflecting an increase of nearly 14pc. The levy was imposed on petroleum products in 2009.

Besides, it collected Rs32.65bn as development surcharge on gas, which was 26pc higher compared to Rs25.874bn a year earlier.

Likewise, the government earned Rs57.75bn as royalty on oil and gas during 2015-16 compared with Rs74.091bn, a drop of 22pc. Revenue collected as discount retained on crude oil dropped by around 6pc to Rs9.11bn from Rs9.68bn.

The collection on account of Gas Infrastructure Development Cess (GIDC) went up by 40pc to Rs79.77bn as against Rs57.02bn a year ago. However, the windfall levy on crude oil plummeted by 87pc to Rs1.633bn from Rs57.021bn.

The ministry said total tax revenue jumped 21.3pc to Rs3.66 trillion in 2015-16 from Rs3.017tr in the preceding year. Of this, the federal taxes stood at Rs3.377tr as against Rs3.017bn a year ago, an increase of nearly 12pc. Provincial tax collection rose 38pc to Rs283.27bn from Rs205.82bn.

Non-tax revenue stood at Rs786.56bn during the year under review as against Rs913.45bn in 2014-15, reflecting a decline of 14pc. Of this, federal non-tax revenue fell 17pc to Rs693.25bn from Rs837.83bn. However, provincial non-tax revenue grew 23pc to Rs93.31bn from Rs75.62bn.