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Customs Port Qasim posts highest growth in revenue collection

Customs Port Qasim posts highest growth in revenue collection

KARACHI: The sales tax collection at import stage registered 15 percent growth during the first two months of the current fiscal year, according to media.

According to sources, Port Muhammad Bin Qasim has posted the highest growth in revenue collection. The customs station collected Rs62.12 billion during July-August 2019 as compared with Rs51.07 billion in the corresponding period of the last fiscal year, showing 22 percent growth

Officials said the growth was due to an increase in tax rates and other measures taken in the latest budget.

The collection of sales tax increased to Rs135.18 billion during the first two months of current fiscal year as compared with Rs117.27 billion in the same period last year.

The import bill has reportedly declined by 21.74 percent to $7.66 billion in the first two months of the current fiscal, as compared with $9.78 billion in the same period of the last fiscal year.