KARACHI: The Customs Appraisement-South has successfully accumulated customs Duty of Rs. 454 billion for the period of FY 2017-18, the collection this year shows tremendous increase of 21% as compared to Rs. 377 billion collected during FY 2016-17.
For the past three years customs duty collection annually shows positive trend, and they have maintained their perspective by almost providing 100% revenue from Rs. 231 billion in FY 2014-15 to Rs. 454 billion in FY 2017-18.
According to sources, the total duties and taxes gathered during this FY by the Customs Appraisement-South is of Rs. 1239 billion, and it proves the momentous augmentation of 17% comparatively to Rs. 1060 billion collected during the FY 2016-1; one-third of FBR’s total collection.
This unbelievable consistency for gathering profits for the past three years is only probable due to proper attentiveness, check and balance and appropriate equipped management, which only pays attention towards improvisation of systems to assist trade and daunt the shirking of revenue.
Main focus is on the clear well organized system, including clearing, import & export of cargo under strict conditions and supervisions.
Chief Collector of Appraisement-South, Abdul Rashid Sheikh has appreciated the endless hard work of the workers and employees, also credited the success to the team due to their commitment.
He also expressed his point of view related to maintenance and progressive improvement in order to stand out in the coming fiscal year too.
This amount of Rs454bn also exceeded the assigned Rs448bn target from the Federal Board of Revenue (FBR). Over the last three years, customs duty rose by 96.5pc from Rs231bn in 2014-15 to Rs454bn in FY18.
The taxes gathered under revenue by the appraisement comprise of customs duty, sales tax, federal excise duty and income tax. The income tax — stood at Rs1,239bn as against the assigned target of Rs1,224bn, showing excess collection of Rs15bn. This reflects a growth of 17pc over collection of Rs1,060bn during 2016-17.
According to the data, the last three fiscal years have seen a consistently high growth in collection of revenue from Rs730bn in 2014-15 to Rs1,239bn in 2017-18, which stands at about one-third of FBR’s total collection.
Chief Collector of Appraisement-South, Abdul Rashid Sheikh, said that efforts were made to bring more transparency and efficiency in the system of import cargo clearance by enhancing automation and closely monitoring the working of various departments related to cargo.
Furthermore, the Model Customs Collectorate (MCC) Port Qasim has collected Rs155bn as of customs duty, which shows a rise of around 19.2% on yearly basis as last year the numbers were Rs130 billion.
