MULTAN: The Model Customs Collectorate Multan has collected Rs47490.79million during the whole economic year 2016-17.
The Federal Board of Revenue has assigned the Multan Customs with the annual revenue collection target of Rs53832million under the heads of Customs Duty, Sales Tax, Federal Excise and Income Tax for the period of July to June 2016-17. So the collectorate has suffered a deficit of Rs6343million for the abovementioned period.
The Model of Customs Collectorate Multan has made the collection of Customs Duty of Rs9065.542million against the set target of Rs8705.420million from (July to June) for the duration of the Fiscal Year 2016-17. The customs duties collected by the MCC Multan were from imported goods cleared through Multan Dry Port and Air Freight Unit during the Financial Year 2016-17. The MCC Multan has surpassed the Customs Duty assigned by the Federal Board of Revenue due to their dynamic strategy during the entire Fiscal Year 2016-17. The Model Customs Collectorate Multan has posted four growth in the collection of Customs Duty through Fiscal Year 2016-17.
Multan Customs has generated 104.5 percent revenue target of the customs duties from clearance of petroleum products HSD through Fiscal Year 2016-17. Earlier, MCC Multan had collected Customs Duty of Rs9200.139million against the assigned target of Rs7627.179million during the corresponding economic year of 2015-16.
MCC Multan received Sales Tax of Rs24601.080million against the assigned target of Rs44505million during the monetary year 2016-17. Sales Tax collection of Multan Customs witnessed a decline due to less clearances of HSD and fall in the proportionate taxes of Sales Taxes from the federal government in the previous year.
Multan Customs collected Rs40493.056million against the allocated target of Rs31880.300million during the corresponding Fiscal Year 2015-16. Sales Tax collection of Multan Customs decreased dramatically in the Fiscal Year 2016-17 by reducing the taxes on HSD. Multan Customs has got Federal Excise Duty Rs207.707million against the earmarked target of Rs199million during the whole Fiscal Year 2016-17. On the other hand, Multan Collectorate was able to generate Rs180.512million against the allocated target of Rs242.830million during corresponding Fiscal Year 2015-16.
The MCC Multan collected Income Tax of Rs224.33million against Rs423million during the whole economic year 2016-17. Moreover, Multan Customs collected Rs384.568million against the assigned target of Rs443.490million during the matching period of the Fiscal Year 2015-16.
Multan Customs also received Rs13277.142million from the petroleum development levy and Rs30.986million from the additional sales taxes during the whole economic year 2016-17 besides other taxes.