Pakistan Customs posts 2.8 percent surge in revenue collection

KARACHI: The overall revenue collection by Pakistan Customs in the fiscal year so far i.e. six months (July-December 2016) stood at Rs535.9 billion, up 2.8 percent as against Rs521.3 billion in the same period last year July-December 2015.

The Customs duty collection by Pakistan Customs surged by 8.02 percent to Rs156.57 billion in July-December 2016 as compared with the collection of Rs144.93 billion in same period last year.

Customs duty collection by Pakistan Customs South region surged by 8.06 percent to Rs134.24 billion in July-December 2016 as compared with the collection of Rs124.16 billion last year.

Overall sales tax collection at import stage stood Rs289.606 billion during the period under review, up 1.6 percent as against Rs285.05 billion in the same months last year.

Customs Appraisement South’s collection of sales tax at import stage stood at Rs247.7 billion, up 3.03 percent as against Rs240.39 billion collected last year in the similar period.

Income tax collected by Pakistan Customs during (July-December 2016) stood at Rs86.357 billion as compared with Rs86.25 billion last year. Appraisement South collected Income tax of Rs75.94 billion in the period as against Rs75.12 billion collected in the same period last year.

Federal Board of Revenue (FBR) is quite satisfied with performance of Pakistan Customs as all the formations have been achieving their assigned targets. Since the dollar rates are stable for some time, therefore there have been no abnormal fluctuations in the revenue collection figures.

Highest revenue collection in terms of Customs duty came from MCC Port Qasim, which collected Rs43.53 billion followed by MCC Appraisement West collecting Rs41.639 billion and MCC Appraisement East collecting Rs33.97 billion in July-December 2016.

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