The government has closed the last fiscal year at 5.3 percent budget deficit against a target of 4.9 percent, reflecting a slippage of 0.4 percent, according to Finance Ministry. Finance Ministry in the consolidated federal and provincial budgetary operations 2014-15 released on Friday stated that the total revenue of the country stood at 14.4 percent of the GDP or Rs 3.391 trillion against the total expenditure of 19.7 percent or Rs 5.387 trillion.
Tax revenues stood at 11 percent of the GDP and non tax revenue at 3.3 percent. Current expenditure in the just concluded fiscal year was 16.2 percent of the GDP or Rs 4.424 trillion of which 4.8 percent (Rs 1303 billion) of the GDP was spent on mark-up payment and 2.5 percent (around Rs 698 billion) on defence. The government has spent 4.2 percent (Rs 1140 billion) on development and lending. The document also noted a statistical discrepancy of Rs 177 billion during the last fiscal year.
The tax collection by Federal Board of Revenue (FBR) was reported at Rs 2588 billion which includes Rs 1029 billion direct taxes and Rs 1558 billion indirect taxes. The government collected Rs 305 billion through custom duties, Rs 1088 billion through sale tax and Rs 163 billion through federal excise. Non-tax revenue collection stood at Rs 913 billion during the last fiscal year. The government has borrowed from the domestic and external sources and as well as utilised privatisation proceeds to finance the budget deficit. Rs 1275 billion was borrowed from domestic sources which included Rs 366 billion from non bank and Rs 892 billion from banks. The government also utilised Rs 17.498 billion privatisation proceeds and borrowed Rs 181 billion from external sources to finance the deficit.
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