MULTAN: The Federal Board of Revenue (FBR) has assigned Rs38531.64 billion revenue collection target to Customs Collectorate, Multan for the Financial Year Year 2017-18.
According to the details, the Customs Collectorate Multan has been given revenue targets for the collection of customs duty, sales tax, federal excise duty (FED) and withholding tax (WHT).
The Federal Board of Revenue has assigned Rs10336.30 million to Multan Customs under the heads of customs duty for the economic year 2017-I8. The Customs Collectorate Multan was set Rs.8705.420 million for the customs duty during corresponding fiscal year 2016-17. Multan Customs duty collection target has been increased almost 17 % for the current fiscal year as compared to matching period 2016-17.It has been assigned a target of Rs.431.32 million in wake of customs duty for the month of August 2016.
The FBR has allocated revenue collection target of Rs.27728.95 million to Multan Customs in wake of sales taxes for the entire economic year 2017-18. On the other hand, a target of Rs44505 million was assigned to the Customs department during corresponding fiscal year 2016-17. The sales tax collection target has been reduced after observing drop in the sales tax proportionate from government.
Multan Customs has been allocated revenue collection target of Rs226.40 million under the head of federal excise duty for the monetary year 2017-18, while it was assigned a target of Rs.199 million during matching year of 2016-17.
The FBR has given revenue collection target of almost Rs.240 million in wake of withholding tax to the Multan Customs for the fiscal year 2017-18. Multan Customs assigned Rs.423 million for the corresponding period of 2016-17.
The Federal Board of Revenue has reduced overall revenue collection target except Customs for the Multan Customs after discussing and recommendations of collector of Customs Collectorate.