In January-May, the Ministry of Taxes transferred 3.139 billion manats to the state budget, and the growth rate of tax revenues
in the reporting period was 8.3 percent, exceeding the GDP growth rate (2.8 percent) on this indicator.
Islamabad -- The revenue collection during the first three quarters of the current fiscal year stood at Rs3,583,737 million, including Rs3,162,132 as tax revenues
and Rs421,605 non-tax revenues.
The bonds are payable from the countywide Measure A 1/2 cent sales tax revenues
, net of state administrative costs, and swap revenues prior to the swap termination.
Corporation tax revenues
accounted for 31% (PS57.2 billion) of total tax revenue
from businesses, Employer's NIC for 32% (PS60.3 billion), business rates for 15% (PS27.4 billion), fuel duties for 6% (PS12.1 billion) and other business taxes for 16% (PS28.9 billion).
In February this year, more budget revenues were collected as a result of the higher tax revenues
and the higher collection of contributions.
Since the mid-1970s, there has been discussion regarding the relationship between high marginal tax rates and tax revenues
. According to the Laffer Curve, there is a tax rate at which tax revenues
are projected to moderate to 118,850,300,000 som or 22.1% to GDP, non-tax revenues - 22,720,100,000 som or 4.2% to GDP, grants - 14,783,200,000 som or 2.7% to GDP.
The results show that trade taxes fall by 4 GDP percentage on average and less than half of the countriesrecover the lost tax revenues
. Therefore, the fiscal cost of trade liberalization is more severe for countries as compared to developed countries of the world.
Summary: Consolidated budget tax revenues
increased 8.8% y/y to GEL 836.7mn in December 2015 and 10.6% y/y to GEL 8.0bn in 2015 (0.4% above the annual plan), according to the Treasury Service.
State tax revenues
grew by 5.8 percent in the first quarter of 2015, according to a State Revenue Report released in September 2015 by the Rockefeller Institute of Government.
The custom tax revenues
increased from RO217.3 million in 2013 to RO279.2 million in 2014.