LAHORE: The Federal Board of Revenue (FBR) reported that customs duty collection saw a strong recovery in 2023-24, showing an 18.5% increase compared to the previous fiscal year.
Net customs revenue for the period reached above Rs1.1 trillion, up from Rs931.7 billion the year before, making customs duty approximately 12% of total FBR revenue.
The petroleum sector and imported vehicles were the top contributors to customs duty collection in 2023-24. Petroleum, oil, and lubricants (POL) remained the largest source, contributing 29.1% of total customs duties, with a 14.1% increase in revenue.
Imported vehicles followed as the second largest contributor, accounting for 11% of customs duty collections and showing a remarkable 42% increase.
Meanwhile, revenue from edible oil dropped by 12.7%, in line with a 13.9% decline in edible oil imports. Overall, the increase in customs duty closely tracked a 13.4% rise in dutiable imports, with customs revenue from major goods increasing by 17%, highlighting a strong link between import values and duty collections.
