Customs, excise duty collection rises
Comes as a result of rupee depreciation
PHOTO: EXPRESS
KARACHI:
Customs and excise duty collections recorded double-digit growth during fiscal year 2018-19, which came as a result of rupee depreciation, imposition of regulatory duty, as well as increase in excise duties, according to a State Bank of Pakistan (SBP) report titled, ‘The State of Pakistan’s Economy’. It also stated that the federal excise duty (FED) and customs duty recorded yearly growth of 12.9% and 18.2%, respectively. With the exception of vehicles, customs duty collection on iron, steel and electrical machinery increased significantly during this period. The FED collection increased by Rs18.7 billion, out of which Rs16.3 billion was collected from cigarettes. Meanwhile, the overall collection of non-tax revenues remained subdued during Jul-Mar FY19. It further added that the surge recorded in defence, passport and other fees, oil and gas royalties, and levies on crude oil were not sufficient to offset this decline.
Published in The Express Tribune, July 21st, 2019.
Customs and excise duty collections recorded double-digit growth during fiscal year 2018-19, which came as a result of rupee depreciation, imposition of regulatory duty, as well as increase in excise duties, according to a State Bank of Pakistan (SBP) report titled, ‘The State of Pakistan’s Economy’. It also stated that the federal excise duty (FED) and customs duty recorded yearly growth of 12.9% and 18.2%, respectively. With the exception of vehicles, customs duty collection on iron, steel and electrical machinery increased significantly during this period. The FED collection increased by Rs18.7 billion, out of which Rs16.3 billion was collected from cigarettes. Meanwhile, the overall collection of non-tax revenues remained subdued during Jul-Mar FY19. It further added that the surge recorded in defence, passport and other fees, oil and gas royalties, and levies on crude oil were not sufficient to offset this decline.
Published in The Express Tribune, July 21st, 2019.