KARACHI: Pakistan Customs has collected customs duty to the tune of Rs162.58 billion against the dutiable imports of Rs1.478 trillion during the ten-month period ended April 30, 2014 translating into an effective rate of duty of 10.96 percent marginally lower compared with the same ten months of last fiscal year when the customs duty collection stood at Rs160.47 billion against the dutiable imports of 1.443 trillion, the effective rate of 11.08 percent.
The miniscule decline in the customs duty collection and slipping of effective rate of duty can be attributed to the average 6.0 percent appreciation in the value of Pak Rupee against US dollar.
The sales tax collection at import stage during the period under review stood at Rs357.4 billion while income tax collected stood at Rs97.899 billion. During the corresponding 10 months of last fiscal year the sales tax collection at import stage was Rs305.566 billion and income tax collection was Rs82.112 billion.
The highest dutiable imports were observed at MCC Karachi-West at Rs391.143 billion against which customs duty of Rs48.122 billion and sales tax of Rs60.677 billion was collected, followed by MCC Karachi-East observing dutiable imports of Rs348.478 billion against which customs duty of Rs36.454 billion and sales tax of Rs73.624 billion was collected.
The revenue collection remained almost intact despite sharp appreciation of Pak Rupee against US dollar is because of the guidelines issued by the authorities to arrest under invoicing; besides a large number of Valuation Rulings were issued to plug revenue leakage.
Moreover, good reputation officers were posted in the Collectorates and stringent anti-smuggling measures were taken.