The government is considering a proposal to restore the levy on petroleum products in the new budget for the upcoming financial year 2022-23.
According to sources, the revenue projections from the levy on petroleum products and liquefied petroleum gas (LPG) are estimated at Rs. 550 billion annually.
In the upcoming FY2022–23, the government of Pakistan is estimated to get Rs. 1,626 billion in non-tax revenue. The government is expected to earn a revenue of Rs. 40 billion from gas development surcharge (different from cess). Similarly, the estimated revenue from the State Bank of Pakistan (SBP)’s profits is Rs. 201 billion, sources said.
Likewise, the revenue from dividends and interest in the budget 2022-23 is expected to be Rs. 245 billion, while the royalty from oil and gas will probably earn the government an additional Rs. 116 billion, according to the sources.
Passport fees will generate an estimated Rs. 35 billion in revenue and the royalty on crude oil is expected to bring in Rs. 35 billion in revenue, as revealed by the sources. Similarly, the government is expected to earn Rs. 100 billion from the gas infrastructure development cess and an additional Rs. 98 billion is going to be generated in revenue from other non-tax sources.
