Revenue collection has been increased 16.4 percent in the first eight months of running fiscal year compared to the same period of previous fiscal year. Revision of in the custom duties for several commodities in last mid-July and growing culture of paying tax contributed this growth.
According to the Ministry of Finance (MoF), the government collected revenue amounting to Rs. 48.04 billion in the first eights months of this fiscal year with a 16.4 percent growth compared to that of the same period during last year.
Officials said the readjustment in customs duties, improved customs valuation, increased tax compliance, and growing consumer confidence were responsible for the healthy revenue mobilization.
The growth in revenue collection is close to the government's budgetary target. The government has set a target to meet a 16 percent rise in revenue mobilization to Rs. 85 billion during the current fiscal year.
According to the data of MoF, capital expenditure stood very low at Rs. 9.11 billion, as development activities have failed to pick up despite the easing of political tensions. The government has earmarked around 44 billion rupees under capital expenditure in the budget for the current fiscal year. The remaining Rs. 6.54 billion went for paying the principal of the public debt.
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