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FBR yet to assign revenue targets to Customs Collectorates in Karachi for financial year 2017-18

FBR yet to assign revenue targets to Customs Collectorates in Karachi for financial year 2017-18

KARACHI: With the start of the new fiscal year, the Federal Board of Revenue is yet to assign the Customs Collectorates Appraisement West, South, Exports, Preventive and Port Muhammad Bin Qasim the revenue collection targets for the new Fiscal Year 2017-18, it is learnt.

The FBR used to work out revenue targets in the federal budget that was presented in the National Assembly by Federal Finance Minister Senator Ishaq Dar in the month of June 2015.

And, the FBR is supposed to assign the revenue targets to all the tax collecting bodies to start generating revenue with certain targets. However, the FBR authorities are yet to shift the targets to the Collectorates and the RTOs, insiders told Customs Today.

In the first month of FY 2017-18, the Collectorate of Customs Preventive collected Rs 11,197 million under the head of customs duty, sales tax, income tax and the federal excise that included Rs 2774.22 million as customs duty, Rs 6852.86 million as sales tax, Rs 1180.32 million as income tax and Rs 389.63 million as the federal excise duty (FED).

While, the Customs Appraisement West contributed Rs21,954 million duty and taxes to the national exchequer in the month of July 2017 which include Rs 8,617 million as custom duty, Rs 9,339 million as sales tax, Rs 3,876 million as income tax and Rs 122 million as federal excise duty.

Furthermore, the Customs Appraisement East collected Rs40,365 million taxes/duties under head of customs duty, sales tax, income tax and federal excise duty during the month of July 2017.

They included Rs 14,988 million as custom duty, Rs 17, 918 million as sales tax, Rs 7,183 million as income tax and Rs 275 million as federal excise duty in the month of July 2017.