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Customs collects Rs535.9b in 1H of FY2016-17

Customs collects Rs535.9b in 1H of FY2016-17

KARACHI: The overall revenue collection by Customs in 1st half of fiscal year (FY) 2016-17 (July to December 2016) was Rs535.9 billion which is 2.8 percent up against Rs521.3 billion revenue in the same period of last fiscal year 2015-16.

According to details, the customs duty collection increased by 8.02 percent to Rs156.57 billion during 1st half of FY2016-17 as compared to the collection of Rs144.93 billion in same period last year. Customs duty collection by South region increased by 8.06 percent to Rs134.24 billion in the above said period as compared to the collection of Rs124.16 billion in the same period of last fiscal year 2015-16.

Overall sales tax collection at import stage was Rs289.606 billion during the above said period which is 1.6 percent up against Rs285.05 billion revenue in the same period of last year. Customs Appraisement South collected sales tax at import stage Rs247.7 billion which is 3.03 percent up against Rs240.39 billion collected last year in the same period.

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

Highest revenue collection in terms of Customs duty was from MCC Port Qasim which is Rs43.53 billion followed by MCC Appraisement West collecting Rs41.639 billion and MCC Appraisement East collecting Rs33.97 billion in the above said period.