Tax on imports rises 6.16% in 7 months

February 20, 2019: Pakistan's net tax collection through imports during first seven months of current fiscal year (2018-19) increased by 6.16 percent to Rs 1,003.105 billion against the net tax collection of Rs 944.822 billion during same period of the preceding year.

The breakup figures show that the income tax through imports stood at Rs 133.346 billion against the income tax collection worth Rs 124.406 billion during July-January 2017-18, according to official documents available with APP.

The sales tax on import of goods and services, however declined by 2.04 percent to Rs 472.305 billion in July-January 2018-19 against sales tax Rs 482.162 billion in same period of the previous year. 

Similarly, Federal Excise Duty on imports also decreased to Rs 7.998 billion in the period under review compared to the tax collection of Rs 8.037 billion during same period of previous year.

Custom Duty on imports increased by 17.94 percent from Rs 330.217 billion in July-January (2017-18) to Rs 389.456 billion in same period of current fiscal year.

The total tax collection during the corresponding period has posted a growth of 3.28 percent as it rose to Rs 2060.757 billion against the net tax collection of Rs 1,995.277 billion from July through January 31, 2017-18.

The government has set the target for total tax collection of Rs 4398 billion for the whole fiscal year from July 01 2018 to June 30 2019.

(APP)

Posted on: 2019-02-20T14:15:00+05:00

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