July 4, 2019 (MLN): Federal Board of Revenue (FBR) has collected a sum of Rs 684 billion as Customs duty in FY19, showing an increase of 13 percent compared to the collection of Rs 606 billion in FY18.

Earlier, government set a target of Rs 735 billion as customs duty out of total revenue collection of Rs 4435 billion.

Customs collected sales tax of Rs 843 billion on import stage against the assigned target of Rs 800 billion. In addition, collection of FED and WHT stood at Rs 13.2 billion and Rs 223 billion respectively.

The collection of Customs duties witnessed more than 20 percent growth in five years, whereas, in FY19 it was around 12 percent. The measure reason for this reduced growth was compressing of imports.

In US dollar terms, dutiable imports recorded a decline of 20 percent due to non-tariff measures on items like vehicles, furnace oil, betel nuts, edible oil etc. As a result, loss Rs 35 billion in the collection of duty was recorded.

Copyright Mettis Link News

28756