The FBR collected Rs 87.832 billion in income tax, Rs 22.79 billion in sales tax and Rs 88.692 million in FED in 2015-16 and Rs 92.655 billion in income tax, Rs 17.435 billion in sales tax and Rs 4.799 million in FED in 2016-17. To another question, the minister informed the House that Zarai Taraqiati Bank Limited (ZTBL) earned Rs 26 billion before tax profit in the last four years, from June 2013 to December 2016.
As per the year-wise breakdown, the ZTBL earned Rs 2.8 billion in 2013, Rs 8.3 billion in 2014, Rs 8.4 billion in 2015 and Rs 6.5 billion in 2016. The minister said that annual accounts for year 2017 are still in the process of audit by a chartered accountant firm, adding that no appointment on ad hoc basis was made in the ZTBL during the years 2013 to 2016. He added that the recovery rate of the ZTBL is satisfactory.
To another question, he informed the House that the government has taken various steps to bring rural economy at par with the urban economy. The government is implementing 'Kissan Package' with a total financial outlay of Rs 341 billion, he said, adding that the share of agriculture sector which has the mainstay in the rural development, in GDP is 19.5 percent as per estimation of 2016-17.
He said that the government has provided mark-up free loans to the farmers for solar tube wells. The government has also reduced sales tax on pesticides and seeds, he added. The government has provided direct support to rice and cotton farmers and reduced taxes on agriculture machinery from 4.5 percent to 9 percent, he said, adding the government also reduced sales tax on cold chain machinery from 17 percent to 7 percent.
The government has offered a tax holiday for agriculture delivery chain for three years and provided mark-up free loans to the farmers for solar tube wells. The government subsidized crop insurance and increased volume of agricultural credit disbursement to Rs 1001 billion from Rs 336.2 billion in 2012-13, he said, adding that Ministry of Planning, Development and Reform has initiated a number of projects during the last four years.
To another question, the House was informed the government borrowed Rs 6,989 billion in net domestic debt from 2012-13 to end-November 2017 while the total external loans procured in the same period stood at $21.729 billion. The minister also informed the House that the USA has provided $495.41 million grant assistance (not loan) since June 2013 through United States Agency for International Development (USAID) and International Narcotics Control and Law Enforcement-Pakistan (INL-P).