Karachi, September 24, 2024 – In a strategic move to address revenue shortfalls, the Federal Board of Revenue (FBR) has extended collection timings for Pakistan Customs, aiming to generate additional revenue through enhanced duty and tax collection.
This decision comes as the FBR ramps up efforts to meet its targets for the first quarter of the fiscal year, which ends on September 30, 2024.
In an official communication circulated to all customs stations across the country, the FBR directed that Pakistan Customs’ field formations will remain open on Saturday and Sunday, September 28 and 29, 2024, ensuring uninterrupted collection of duties and taxes over the last three days of the quarter. Additionally, the working hours have been extended for these days, with offices remaining open until 10 PM on September 28 and 29, and extending further until midnight on September 30.
The FBR’s decision is seen as part of its broader strategy to plug revenue gaps as it faces a critical shortfall in collections. By allowing Pakistan Customs to operate beyond standard hours, the government hopes to tap into the significant amounts of customs duties and taxes that are typically collected at the end of each quarter, especially from the import and export sectors.
In tandem with the extended hours, the FBR has also directed customs officials to ensure the same-day transfer of collected revenue to the State Bank of Pakistan (SBP). To facilitate this, the chief collectors of Pakistan Customs have been instructed to establish a direct liaison with the SBP and authorized branches of the National Bank of Pakistan (NBP), ensuring the swift transfer of funds. This coordination is crucial for streamlining the process and ensuring that the collected revenue is deposited into government accounts without delay.
The move reflects the FBR’s focus on accelerating revenue collection to meet the national fiscal targets, which are critical for maintaining economic stability. The extension of collection hours is likely to benefit industries that rely heavily on import and export activities, as it ensures that their goods can be cleared without delays over the weekend. Businesses have also welcomed the decision, as it provides them with additional flexibility to complete customs procedures before the quarter ends.
With the extended operating hours, the FBR hopes to maximize collections and make significant headway in addressing the revenue shortfall, while ensuring smooth and efficient tax administration through Pakistan Customs.