March 22, 2019
Pakistan Customs has surpassed its target by collecting Rs 444 billion in first eight months of the current financial year i.e., July-February 2018-19. Target for collection of customs duty for first eight months was Rs 436 billion, 21% higher than the target for the same period of the previous financial year.
In addition, an amount of Rs 518 billion Sales tax has also been collected at import stage against collection of Rs 521 billion in the previous financial year. The decline in collection of Sales Tax mainly owes to the decrease in quantity and value of POL products.
Moreover, Customs Wing has collected Rs 152 billion Withholding Tax which is 6% higher than previous year collection. Also Federal Excise Duty (FED) collection at import stage during first eight months of the current financial year has registered significant growth of 23 % at Rs 9.1 billion in the current financial year as compared to Rs 7.4 billion in the previous financial year.
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