The Federal Board of Revenue (FBR) raised nearly 70 percent of the total customs duty collection from 13 major sectors.
An amount of Rs 460.777 billion has been received during the first 11 months of the current fiscal year from 13 major sectors as compared to Rs 364 billion which was received from July to May 2020, shows an increase of 26.58%.
According the sources of the Federal Board of Revenue, there is the collection of 70% of the total customs duty collection from 13 major sectors including automobiles during the first 11 months of this financial year.
The custom duty collected from the automobile sector rose to 86% to Rs 97.530 billion during the period from July to May 2021 which was Rs 52.446 billion during the same period last year. This big increase shows the extraordinary growth in the automobile sector.
Special package for construction sector contributed to the high customs duty
The customs duty collected from iron and steel indicates that there has been a good revival of this sector as well. The amount received from this sector rose to 23.6% to Rs 52.621 billion during the first 11 months of this fiscal year which was Rs.42.576 billion during the same period, last year.
The increase in demand for iron and steel is due to the special package for the construction sector as was announced by the Prime Minister to ease things due to the lockdown.
Not only these two sectors but the performance of all the other construction-related sectors increased. The duty collected from rubber and articles rose to 140% to Rs 14.593 billion during the period from July to May 2021 which was Rs 6.081 billion during the same period, last year.
The customs duty, the government of Pakistan received from the import of machinery and mechanical appliances increased to 25.9% to Rs 37.835 billion during the first 11 months of the current fiscal year whereas it was Rs 30.042 billion during the first 11 months of the fiscal year 2019-20.
The customs duty collected from the man-made filaments increased to 60% to Rs 10.997 billion during the period, under consideration which was Rs 6.879 billion from July to May FY20. The Federal Minister for Finance, Shaukat Tarin is sure that tax collection during this year would be unprecedented and there are more sectors that are being brought under the umbrella of FBR.