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Pakistan Customs surpasses revenue target, collects Rs510.11b till March

Pakistan Customs surpasses revenue target, collects Rs510.11b till March

ISLAMABAD: Pakistan Customs has surpassed the target by collecting Rs510.11 billion as duty and taxes during July – March 2018-19.

According to statement, the target for collection of customs duty for the first nine months was Rs509.3 billion. The duty collection from July to March 2018-19 is higher 19.2 percent when compared with Rs482 billion in the corresponding period of the last fiscal year.

The customs authorities also collected Rs581.8 billion under the head of sales tax on imported goods during the period. However, the collection was lower when compared with Rs592.6 billion in the same period of the last fiscal year.

The authorities attributed the decline in sales tax on import stage to decrease in quantity and value of petroleum products and measures of the government to regulate import of vehicles in different schemes.

Moreover, the customs collected Rs169 billion as withholding income tax on import stage which was 4.6 percent higher than previous year’s collection.

Besides, Pakistan Customs also collected Rs9.9. billion from July to March 2018-19 federal excise duty (FED) to the tune of Rs9.9 billion during July – March 2018-19 which was 21.2 percent higher when compared with Rs8.2 billion in the corresponding period of the last fiscal year.