ISLAMABAD: The Federal Board of Revenue (FBR) has collected Rs 188 billion until December 15 under head of customs duty while Rs 159 billion were collected during the previous fiscal year.
Sources told Customs Today that the FBR has shown outstanding performance in revenue collection and 18 percent growth is witnessed in collection of customs duty while growth in income tax and federal excise duty is less than 5 percent.
Federal Finance Minister Muhammad Ishaq Dar and FBR Chairman Nisar Mohammad Khan have lauded the efforts of Member Customs Nasir Masroor Ahmed and other officials and their teams for collection of revenue under the head customs duty.
On the other hand, the revenue shortfall is increasing every month during the current fiscal year and it is expected that the FBR may not achieve the second quarter revenue collection target which is estimated at Rs 900 billion.
To achieve the revenue targets for the current financial year, the FBR needs to collect additional 17 percent revenue as compared to the last year’s revenue target.
It is pertinent to mention here that all the field office of customs are usable all available resources to collect more revenue to meet the assigned target of revenue collection for FY2016-17.
The FBR chairman is not satisfied with the efforts for revenue collection by the Large Tax Payers Units Islamabad and Karachi. The Finance Minister had clearly told the FBR chairman and his team in the last meeting that the revenue target for fiscal year 2016-17 will not be reviewed.
