KARACHI: Pakistan Customs South Region is likely to suffer a sales tax collection shortfall, which is likely to miss the target by around Rs15 billion for the month of September alone.
The nosedive in global oil prices to as low as $44 per barrel heralds a relief for the masses. On the contrary, Customs authorities are concerned of the revenue collection shortfall.
However, Customs South Region hopes to meet the monthly target pertaining to Customs duty collection.
On August 31, 2015, government announced reduction in prices of petroleum products by Rs3.0 a liter on all denominations.
The price of petrol was reduced by Rs3 per liter to Rs73.76 from Rs76.76. Similarly, the price of High Speed Diesel had been reduced by Rs 3.01 per litre to Rs82.04 from Rs85.05 and HOBC by Rs3 per litre to Rs79.79 from Rs82.79, it added.
HOBC is mostly used in high-end personal cars. The price of kerosene oil was reduced from Rs60.11 to Rs57.11 per litre.
The price of Light Diesel Oil has also been lowered by Rs3 per liter from Rs56.59 per liter to Rs53.59 per litre.
It may be mentioned here that the revenue collection of MCC Port Qasim and MCC Preventive largely depends on petroleum import.