LAHORE: Pakistan Customs has registered 30 percent growth in customs duty collection during the financial year 2015-16 against the collection of Financial Year 20141-15.
According to figures, Federal Board of Revenue (FBR) had collected Rs 3,112 billion for the year ended 30th June 2016 as against Rs 2,589 billion collected in the year ending on 30th June 2015 registering a 20% increase over the last year.
According to the official figures the Federal Board of Revenue had collected Rs 401 billion were collected under the head of customs duty thereby giving an increase of over 30 percent as compared to the last year, Rs 1,217 billion as income tax showing a growth of 18% over the last year, the collection of sales tax in this period was Rs 1,357 billion with a growth of 19 percent, federal excise duty (FED) to the tune of Rs 192 was collected thus reflecting an increase of 11 percent over the collection for the last year.
The data also bifurcated the cash refund of Rs 54 billion disbursed during the period the net collection of Rs 3,112 billion against the assigned target of Rs 3,114 billion was recorded.
The official sources said that the above figures clearly showed that the Federal Board of Revenue achieved its assigned revenue targets with in the twelve month of the financial year through its own efforts and from streamlining the collection of taxes and duties that fall in the purview of FBR and no non-tax revenues were accounted for by the FBR to inflate its revenue figures.
Official sources said that the FBR also wanted to highlight that the originally assigned targets have been achieved without any downward revision which is an unprecedented accomplishment and speaks of the success of the economic policies being followed by the present government.
