MULTAN: The Customs Collectorate collected Rs872.96 million in the wake of petroleum development levy during the month of July of Fiscal Year 2017-18.
Sources told Customs Today, that petroleum development levy is a federal duty tax and is collected by customs department on the clearance of High Speed Diesel from Oil Marketing Companies (OMCs). The Collector ate of Multan Customs receives almost 98 percent of its revenue collection through the clearance of High Speed Diesel and other petroleum products from the PARCO oil refinery located in the jurisdiction of Multan of Mahmood Kot near Muzaffargarh.
The Collectorate collected all taxes from oil marketing companies including customs duty, sales tax, federal excise duty (FED), income tax (IT), additional sales taxes, petroleum development levy from oil marketing companies at the time of ex-bonding clearance from Multan Dry Port.
The Multan Customs collected Rs872.96 million from the petroleum development levy during the first months of current financial year 2018-19.The Collectorate has observed a decline in the collection of Petroleum Development Levy in the first month July as compared to corresponding economic year 2017-18 in which it made collection of Rs1189.94 million. Multan Customs has observed drop of 26.64 percent collection in Petroleum Development levy during July due to less import clearances of HSD.
