Sun. Jul 21st, 2019

Govt to collect Rs 359 billion from oil and gas consumers

Atif Abbas

ISLAMABAD:The government has lowered the revenue target from oil and gas sector for next financial year following a failure to achieve revenue target for ongoing financial year.

The target for revenue collection from oil and gas companies was fixed at Rs486.3billon for the ongoing financial year but government hoped to receive Rs 338 billion during ongoing financial year. The government has now set a target of Rs 359 billion for next financial year 2019-20.

The government had set revenue target of Rs 100 billion on account of gas infrastructure development cess (GIDC) but actual collection remained at Rs25 billion following stay orders from courts. The government has set a target of Rs 30 billion for next financial year.

The government had set a target of petroleum levy at Rs 300 billion for ongoing fiscal year but collected Rs 203.35 billion. The government has now set a target of Rs 216.025 billion for next financial year.

The government has set a target of Rs 24.6 billion royalty on crude oil for next financial year. The government has set a target of Rs 4 billion petroleum levy on LPG against Rs 3.76 billion target for ongoing financial year according to revised estimates.

The government will collect Rs 51.5 billion royalty on natural gas from the gas consumers for next financial year against Rs 51.2 billion for ongoing financial year according to revised estimates.

A target of Rs 7 billion has been set on account of windfall levy against crude oil. The government had set a target of Rs Rs 5 billion for ongoing financial year but actual collection went up to Rs 6.97 billion.

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