ISLAMABAD: The Federal Board of Revenue (FBR) has collected Rs 179.4 billion customs duty in the first half of the current fiscal year, (July-December). The customs duty collected during the previous fiscal year was Rs 135.3 billion.
“In this way, the FBR has performed well in the first half the current financial year as there is at least 32.6 percent increase in the revenue collected from customs duty,” official sources told Customs Today.
The source said that the FBR performed well despite the fact that total imports in term of value have declined by 5.2 percent as compared to the same period in the last financial year.
“This growth is attributed to the improved performance of Pakistan Customs, outclass administrative measures as well as appointment of officers of high prestige and integrity at most high offices” the source added.
The source observed that FBR had been alive towards involvement of own officials in pilferage of customs duty therefore as an administrative measure, new administration made an astounding decision to appoint officials of good repute at higher offices.
“Moreover another major factor that contributed to this growth in custom duty collection is elimination of tax exemptions because the number of exempted items had been reduced significantly” the source said
In December last year, the source added that FBR issued SRO to impose additional one percent customs duty on import of goods specified in the First Schedule to Customs Act, 1969. The rate increase was announced a day earlier by the finance minister as part of mini budget to raise additional revenue for current fiscal year. SRO 1178(I)/2015 imposed customs duty at the rate of one per cent of the customs value of almost all goods as determined under section 25 or 25A of the said Act.
