KARACHI, June 2: State Bank has contributed hefty amount of Rs200 billion to the national exchequer during the current fiscal year.
The State Bank has been a large contributor to the government revenue. The budget documents showed that the profit of the State Bank would be Rs200 billion.
The budget estimates for 2012-13 showed the government expects the same Rs200 billion from the SBP. The central bank keeps some amount for the administrative purposes and rest is deposited with the federal government.
Financial institutions particularly the banks have earned profits and are fairly large contributors in the revenue. However, the government also receives dividends and profits from its investment in the financial and non-financial institutions.
According to the budget documents, the government expected to earn Rs406 from the investment in made in the financial institutions in 2012-13 while the target was Rs431 million. The next year target is Rs408 million.
The earnings from non-financial institution are expected to remain at Rs58 billion during the current fiscal year while the target was R63.9 billion. The government has projected to earn Rs64 billion in 2012-13.
Oil and Gas Development Corporation (OGDCL) paid the highest amount to the government and remained within the budgeted target. It paid Rs25 billion while the target for next fiscal year is Rs26 billion.
The budget documents reveal some interesting figures also. The cigarettes contributed largest revenue under the head of excise duty.
According to the detail, the cigarettes and tobacco contributed more than the budget estimates for the current fiscal. The sector contributed Rs60.410 billion as excise duty. This was the highest receipt under the head of excise duty. For 2012-13 a lesser figure of Rs56 billion was projected from cigarettes in excise duty.
The excise duty on imported goods was targeted at Rs24 billion, second highest after cigarettes and tobacco, but the revised estimate was just half of the target. The government expects to receive Rs10.4 billion as excise duty on imported goods.
The excise duty on cement was significantly short of the target. The target for outgoing fiscal year was Rs19.96 billion while the revised estimate is Rs14.48 billion.