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Tag: revenue collection

  • Customs stations to remain open on June 29, 30 for duty, tax collection

    Customs stations to remain open on June 29, 30 for duty, tax collection

    ISLAMABAD: Federal Board of Revenue (FBR) has instructed all the customs stations in the country to remain open and observe extended working house till 10:00 pm on Saturday (June 29, 2019) and till 12:00 mid-night Sunday (June 30, 2019).

    The FBR issued these instructions for facilitation of trade in payment of duty/taxes.

    The FBR has further instructed the Chief Collector of Customs to liaise with the State Bank of Pakistan and other scheduled commercial banks in their respective jurisdiction to ensure transfer of the duties/taxes collected by these branches to the respective branches of State Bank of Pakistan on the same date and to account the same towards collection for the month of June, 2019, a notification said on Monday.

  • Pakistan Customs surpasses revenue target, collects Rs510.11bn in nine months

    Pakistan Customs surpasses revenue target, collects Rs510.11bn in nine months

    KARACHI: Pakistan Customs has surpassed the target by collecting Rs510.11 billion as duty during July – March 2018/2019, said a statement on Monday.

    The target for collection of customs duty for the first nine months was Rs509.3 billion. The duty collection during July – March 2018/2019 is higher 19.2 percent when compared with Rs482 billion in the corresponding period of the last fiscal year.

    The customs authorities also collected Rs581.8 billion as sales tax on imported goods during the period. However, the collection was lower when compared with Rs592.6 billion in the same period of the last fiscal year.

    The authorities attributed the decline in sales tax on import stage to decrease in quantity and value of petroleum products and measures of the government to regulate import of vehicles in different schemes.

    Moreover, the customs collected Rs169 billion as withholding income tax on import stage which was 4.6 percent higher than previous year’s collection.

    Besides, Pakistan Customs also collected Federal Excise Duty (FED) to the tune of Rs9.9 billion during July – March 2018/2019 which was 21.2 percent higher when compared with Rs8.2 billion in the corresponding period of the last fiscal year.

  • FBR needs Rs2.07 tn to achieve collection target

    FBR needs Rs2.07 tn to achieve collection target

    ISLAMABAD: Federal Board of Revenue (FBR) is required to collect over Rs2.07 trillion in next four months in order to meet revenue collection target of Rs4.398 trillion for current fiscal year.

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  • FBR releases 24pc less refunds in seven months amid huge collection shortfall

    FBR releases 24pc less refunds in seven months amid huge collection shortfall

    ISLAMABAD: The issuance of refunds by Federal Board of Revenue (FBR) decline by 24 percent yet the net collection for the first seven months witnessed huge shortfall.

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