Pakistan Customs post 14.2 percent growth in revenue collection
KARACHI: The overall revenue collection by Pakistan Customs in the fiscal year so far i.e. ten months (July-April 2016) has surged by 14.2 percent to Rs860 billion as against Rs753 billion in the same period last year July-April 2015.
The Customs duty collection by Pakistan Customs surged by 15 percent to Rs236 billion in July-April 2016 as compared with the collection of Rs205 billion in same period last year.
Customs duty collection by Pakistan Customs South region surged by 20 percent to Rs203 billion in July-April 2016 as compared with the collection of Rs169 billion last year.
Overall sales tax collection at import stage stood Rs480 billion during the period under review, up 16 percent as against Rs416 billion in the same months last year.
Customs Appraisement South’s collection of sales tax at import stage stood at Rs399 billion, up 14 percent as against Rs349 billion collected last year in the similar period.
Income tax collected by Pakistan Customs during (July-April 2016) stood at Rs137 billion as compared with Rs115 billion last year. Appraisement South collected Income tax of Rs120 billion in the period as against Rs100 billion collected in the same period last year.
Highest revenue collection in terms of Customs duty came from MCC Appraisement West, which collected Rs63 billion followed by MCC Port Qasim collecting Rs59 billion and MCC Appraisement East collecting Rs58 billion in July-April 2016.
For the months of July-April 2016, MCC Rawalpindi CD collection stood at Rs2.17 billion compared with Rs2.75 billion collected in same period last year; MCC Lahore CD collection stood at Rs19.8 billion (Rs20.18 billion in July-April 2015); MCC Islamabad CD collection Rs1.46 billion (Rs1.28 billion July-April 2015); MCC Peshawar CD collection Rs4.81 billion (Rs3.93 billion July-April 2015); MCC Multan CD collection Rs3.59 billion (Rs6.43 billion July-April 2015); MCC Hyderabad CD collection Rs1.318 billion (Rs1.449 billion July-April 2015); MCC Quetta CD collection Rs1.66 billion (Rs752 million July-April 2015); MCC Karachi preventive CD collection Rs19.8 billion (Rs10.21 billion July-April 2015); MCC Karachi EPZ-Imports CD collection stood at Rs238.6 million (Rs132 million July-April 2015); MCC Sialkot CD collection Rs112 million (Rs99 million July-April 2015) and MCC Faisalabad customs duty collection in July-April 2016 stood at Rs849 million compared with Rs1.22 billion collected in July-April 2015.
The revenue collection has been surging under the Customs and it is expected the revenue collection would further surge as several exemptions have been removed. Moreover, the anti-smuggling campaign underway, having the consensus of PML-N government as well as military leadership, has discouraged the illicit trade and more government’s legitimate revenue realization is affected.