MCC Appraisement East & West post 15.58 percent growth; Rs27.55 billion collected in July

KARACHI: The Model Customs Collectorates (MCC) of Appraisement (East & West) have registered 15.58 percent growth in revenue collection in the first month of fiscal year 2013/2014 comparing the same month of last fiscal year due to anti-corruption drive initiated by the Federal Board of Revenue (FBR) and upward changes of tax rates in the federal budget.
The data of both the collectorates revealed that the revenue collection for July 2013 was at Rs27.55 billion as against Rs23.84 billion in the same month last year.
Officials at Pakistan Customs said that the fear of departmental action caused better performance in assessing and imposing duty and taxes on foreign trade.
During the last month the FBR has replaced the chief of Pakistan Customs and Nisar Muhammad Khan was appointed Member Customs. Besides, Abdul Rasheed Shaikh and Muhammad Saleem had been appointed as collector of MCC Appraisement East and West, respectively.
Due to these changes, despite the tariff rationalization on various imported goods the revenue collection posted 5.28 percent growth to Rs8.86 billion as against Rs8.42 billion.
The sales tax collection witnessed 9.16 percent to Rs12.02 billion from Rs11 billion. The revenue collection in additional sales tax, however, registered unprecedented growth of 251 percent to Rs983 million as against Rs280 million.
The collection of income tax grew by 32.14 percent to Rs5.351 billion from Rs4.05 billion. The collection of federal excise duty also posted phenomenal growth of 327.25 percent to Rs332.57 million against the figures of Rs77.84 million.
The FBR in the last budget had taken several revenue measures in sales tax and income tax on import stage. The customs officials said that the measures had resulted in extraordinary growth.

Bookmark the permalink.

Comments are closed.