Gwadar & Quetta
Articles
The world customs Day 2021 theme is “Customs bolstering Recovery, Renewal and Resilience”.
The World customs day is celebrated every year internationally by the customs department of every country. Traditionally every years here is a theme which describes the role of world customs community regarding services rendered for the economy as well as for well being of the people. Customs in every country and particularly economy like Pakistan plays a very vital role. Customs monitors clearances of imported goods, facilitates exports from the country, prevents money laundering and always striving hard to curb smuggling. Smooth supplies of imported input for local consumption and subsequent exports help many sectors of the economy to recover from stagnation. It generates more economic activities and support growth of entrepreneurs. The entrepreneurs in return provides a lot opportunities for employment. Multifaceted economic activities puts the country on a renewed path of growth and makes the economy more resilient.
Globally customs plays many vital functions, however, in case of Pakistan at import stage duty and taxes to the extent of 45% of the total collection which is approximately more than 4 trillion are collected by the customs. These revenues are invest by the government in different development projects like infrastructure development. It goes without saying that good infrastructure, uninterrupted power and gas supply and many services like that keep the wheel of economic activities and growth rolling.
Earning foreign exchange through exports and maintaining a balance of payments is very important. Pakistan customs through different export facilitation schemes EOUs (Export Oriented Units), DTRE (Duty and tax remission on Exports), Manufacturing Bonds and Temporary Imports schemes is significantly contributing in economic growth renewal and foreign exchange earnings.