ISLAMABAD: The Model Customs Collectorate (MCC) Islamabad showed 103.14% increase against the assigned revenue collection target of all duties and taxes for September Financial Year (FY) 2017-18. The collectorate has geared up its efforts to chase the allocated target for 2nd Quarter (October to December) FY17-18. The MCC Islamabad lost Rs156.00million revenue due to increase of duties and taxes in Sales Tax on foreign origin fabric. The collectorate faced a loss of Rs1160million on value of import of fabric during 1st-Quarter FY17-18.
According to details given by Dr. Saeed Khan Jadoon, Collector MCC Islamabad, while giving an exclusive interview to Customs Today.
He said that, during the month of September FY17-18, the collectorate achieved 101.69 % against the earmarked revenue collection target of With Holding Tax (WHT). During said period, the collectorate earned Rs208.46million against set revenue target of Rs205.00million. The collectorate earned extra revenue of Rs3.46million under the same head against the assigned revenue target.
Dr. Jadoon told CT that, during above said period, the Customs Collectorate Islamabad generated less revenue of Rs401.45million against the allocated revenue target of Rs485.09million as Customs Duty. The collectorate showed decline in CD because of holidays and less import of foreign origin fabric. The collectorate posted 82.76% achievement during September under the head of CD against the earmarked target.
He told CT that, during above said period, the collectorate collected Rs461.73million as Sales Tax (ST) against the assigned target of Rs366.26million. The collectorate displayed 126.07% achievement against the allocated target while the MCC Islamabad got Rs95.47million extra revenue against the earmarked target of ST.
The Collector MCC Islamabad said that, during the month of September FY17-18, the collectorate earned Rs21.04million of Federal Excise Duty (FED) while it was assigned revenue collection target of Rs3.10million under the same head. He told CT that the collectorate received Rs17.94million extra revenue as FED against the allocated target with the achievement of 678.71%.
Regarding the performance of 1st-Quarter FY17-18, he said Islamabad Collectorate achieved revenue performance against the earmarked revenue target for 1st-Q FY17-18 with 114.45% percent. During the month of September FY17-18, the MCC Islamabad collected Rs1092.67million of all duties and taxes while it was assigned Rs1095.45million as revenue target for September FY17-18.
He added that, during August FY17-18, the MCC Islamabad earned Rs1515.38million of all duties and taxes against the allocated revenue collection target of Rs1205.90million while, during the month of July FY17-18, the Customs Collectorate of Islamabad generated Rs960.54million as all taxes while it was assigned revenue collection target amounting to Rs852.72million under the same head. The collectorate got Rs107.82million extra revenue against the set revenue collection target for the month of July FY17-18 under all heads.
