KARACHI: The tax authorities have estimated the revenue collection of Rs9 billion from the levy on mobile handsets during the fiscal year 2021/22, official sources said on Friday.

The sources said considering immense demand in the local market, the import of mobile phones had increased phenomenally. The FBR estimated that it would collect around Rs9 billion during the next fiscal year, compared with the expected collection of Rs5 billion in the outgoing fiscal year.

The mobile handset levy is a non-tax revenue and the revenue board has been mandated to collect this levy. Through the Finance Act, 2018, a levy was imposed on the import of mobile phones valuing over Rs10,000.

The FBR collected Rs3 billion during the fiscal year 2019/20, which was increased to Rs5 billion in the subsequent fiscal year. The import of mobile phones increased phenomenally during the first 11 months of the current fiscal year.

The tax authorities also collected Rs298 billion for the import of mobile phones during the first 11 months (July-May) of 2020/21, which is 67 per cent higher than the amount spent in the same period of the last fiscal year.

The country had spent Rs179 billion on the import of mobile phones in the same period of the last fiscal year, according to the import data released by the Pakistan Bureau of Statistics.

The sharp rise in the import of mobile phones may be attributed to a significant rise in the digital financial transactions and the use of communication during the coronavirus pandemic.

Also Read

Current account posts $153 million surplus in 11 months

KARACHI: The current account of the country posted a surplus of $153...