ISLAMABAD: Federal Cabinet Division deposited Rs17.1million deferred payment of Customs Duty whereas the Passport Department deposited Rs14.00million into the account of Air Freight Unit (AFU) Islamabad on 26th of May of Financial Year 2016-17.
The Pakistan International Airline (PIA) has been asked to deposit Rs2.1million CD and Sales Tax (ST) and it has also been sent a reminder to deposit Rs20million more CD and ST within the next two to three weeks of next month of May FY2016-17. This payment was payable under the head of duty and taxes on import of aircraft.
The AFU is facing a shortfall of Rs200million during Financial Year 2016-17 whereas he whispered that the AFU will chase the shortfall during the next coming months (May-June FY16-17). Above said payments will help the AFU compensate the shortfall. To chase the revenue shortfall, the AFU will have to deposit Rs130million’s worth of gold into the Mint Department Lahore which will reach the account of the AFU within the current month.
He said the AFU is also facing a decline in collection of Customs Duty against the revised target. The revised target was assigned under the head of CD and other taxes during the month of March FY2016-17. He added that the AFU is expecting huge consignment of imports of different goods in next 06 days of current month of May FY16-17.
He predicted that the handsome amount in the form of duty and taxes will come through the said consignments which will help the AFU reach the allocated target under the head of CD.
He further said that till 26th of May FY2016-17, the AFU has met the collection of Rs160million under the head of Customs Duty. He stressed that the exemption under the FTA is also a cause of shortfall to customs duty.
