Petroleum Development Levy Exceeded Budget Estimates By 76 Billion Rs
Quite amazing that the high taxes are making the government rich but people still don’t get any relief. Next year this number will go up to Rs 140 billion and help reduce the budget deficit. Reported by Business Recorder.
The collection by the government on Petroleum Development Levy (PDL) exceeded budget estimates by 76 billion rupees. A total collection of Rs 90 billion PDL on petroleum products during the firs5t ten months (July-April) of the current fiscal year, as against the budget estimates of Rs 14 billion, was made possible by not passing the reduction in the international price of oil to the consumers.
This levy is to continue in the next budget and the Finance Ministry has estimated collection of Rs 140 billion in the forthcoming budget 2009-10 in an effort to meet the budget deficit target for next year.
Government collected Rs 73 billion PDL on the petroleum products during July-March 2009 that reached Rs 90 billion in July 2008-April 2009 of the current financial year. Government collected Rs 17 billion PDL in month of April. Government collected Rs 44.067 billion between Jan-March 2009 against Rs 49.5 billion projected by the government. The total collection of PDL was Rs 61.067 billion between January-April of the current calendar year.
Crude oil price in international market stood at $147 per barrel in July 2008 and government collected Rs 107 million PDL during the said month. Government collected Rs 1.999 billion PDL in August, Rs 2.817 billion in September, Rs 3.531 billion in October, Rs 8.882 billion in November, Rs 11.503 billion in December 2008 as government did not pass on the full impact of reduced oil prices to the consumers. PDL collection went up to Rs 15.979 billion in January and declined to Rs 13.715 billion in February and rose to Rs 14 billion in March.
