KARACHI: The Model Customs Collectorate (MCC) Bin Qasim Port failed, for the second consecutive quarter, to achieve the targeted revenue as it collected a total of Rs108,517 million altogether in the heads of Customs Duty, Sales Tax, Income Tax and Federal Excise Duty in the second quarters of the current fiscal year 2013-14, ended on December 31.
According to details, the MCC Bin Qasim Port collected Rs9,715 million in the head of Customs Duty, Rs31,356 million in Sales Tax, Rs6352 million in Income Tax and Rs1,007million in the head of federal Excise Duty (FED).
Sources in the MCC Bin Qasim Port, privy to Customs Today, that the Collectorate, despite strenuous efforts, had fallen short for the second quarter to meet the Federal Board of Revenue (FBR) target.
The sources claimed that the MCC Bin Qasim Port fell short to achieve the target in the head of customs duty as it collected Rs9,715 million, against the target of 15,571 million in the corresponding period, facing a shortfall of Rs5,856 million.
Similarly, the Collectorate has a shortfall of Rs7,602 million in the head of Sales tax collection against the target of Rs38,958 million.
“The MCC Bin Qasim Port has also failed to achieve the target set for the collection of Income tax and FED during the 2nd quarters of the fiscal year 2013-14”, they pointed out.
They informed that the Collectorate had collected Rs6,352 million instead of Rs7,169 million in share of Income tax while Rs1,007million in the head of FED instead of Rs1,185 million in target set by FBR.
The sources recalled that the MCC Bin Qasim Port had also failed to achieve the revenue targets in the first quarters of the current fiscal.
“The Collectorate collected Rs11,086million in the head of customs duty against the targeted amount of Rs17,218 million, Rs41,197million in share of Sales tax against the target of Rs51,198 million in first quarters”, they detailed.
Similarly, the Collectorate collected Rs6,352 million instead of Rs7,169 million in the head of Income tax and Rs462 million in share of FED against the set target of Rs570 million during the first quarters of the current fiscal year,” they concluded.