billion from the budgeted revenues was mainly due to higher than targeted
non-tax collections.
Tax collection is estimated Rs 1.0 trillion, short by Rs 25 billion than target
Tax revenue-to-GDP ratio stood at only 10 percent of GDP during 2007/08
as compared to an average of 18 percent for the developing countries
indicating that substantial tax policy reforms are still needed to broaden the
tax base.
The indirect tax-to-GDP ratio stood at around 6 percent, while the direct
tax-to-GDP ratio was calculated to be 4 percent.
Gross and Net tax collection increased by 12.3% and 16.3% respectively.
EXPENDITURE
Revised Estimates for 2007-08 stood at Rs 2228.9 billion against budgeted
Rs. 1875 billion
Oil Subsidy is projected at Rs 175 billion against targeted level by Rs 160
billion.
Import of 1.7 million tons of wheat at all time high prices because of
smuggling and early export
Interest payments are project at Rs 503.2 billion against budgeted Rs 375
billion
BORROWINGS AND PUBLIC DEBT
Borrowing increased from Rs 324 billion (net of privatization proceeds) to
Rs 683.4 billion (with no privatization proceeds)—an increase of 111 %
External resource of Rs 119.4 billion are expected to materialize against
budgeted Pakistan could
Domestic Borrowings increased to Rs 564 billion against budgeted Rs 131
billion
Public debt as a percentage of GDP stood at 85 percent in end-June 2000,
has declined to 55.2 percent by end-June 2007
Public debt as percentage of GDP stood at 53.5 percent by end March 2008.
Domestic Debt rose by Rs 409.9 billion over end-2007 stock of Rs 2610.2
billion and increased to Rs 2030.1 billion or 30.3 % of GDP
External debt and liabilities (EDL) at the end of March FY08 were US$ 45.9
billion, a net addition of $ 5.4 billion represents a 13.3 percent increase over
the stock at the end of FY07.
New disbursements in external debt are only $1.2 billion while $4.2 billion
are added to the stock of external debt because of translation effect.
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