Duty, taxes collection: Seaports generate Rs1.67 trillion on imports

Shahnawaz AkhterWeb Editor

02nd Jul, 2021. 04:20 pm
Taxes

KARACHI: The revenue collection from goods arriving at the seaports of the country was recorded at Rs1.67 trillion during the fiscal year 2020/21, which is around 35 per cent of the total collection at the national level during the fiscal year, according to the data made available to BOL News on Friday.

The collection of duty and taxes on imported goods cleared at the Karachi Port and Port Qasim surged 27 per cent to Rs1.67 trillion during July-June 2020/21, compared with Rs1.32 trillion in the preceding fiscal year, it showed.

On Thursday, the Federal Board of Revenue (FBR) announced that it had collected Rs4.73 trillion during the fiscal year 2020/21, which included direct and indirect taxes. Thus, the collection of duty and taxes at the seaports is 35 per cent of the revenue collected at the national level.

The revenue collected from the Model Customs Collectorates (MCC) Appraisement East and West stood at Rs944 billion during the fiscal year 2020/21, compared with Rs687 billion in the preceding fiscal year, showing an increase of 37.4 per cent.

Similarly, the collection at the MCC Port Qasim posted a rise of 27 per cent to Rs729 billion during the period under review, compared with Rs634 billion.

The Customs collectorates are responsible to collect Customs duty, sales tax, income tax and federal excise duty on the clearance of imported goods.

The Large Taxpayers Office (LTO), Karachi, which is the biggest revenue collecting arm of the FBR, has the jurisdiction over collection of the sales tax and the federal excise duty on imported goods arriving at seaports and the Jinnah International Airport in Karachi. The LTO Karachi reported a collection of Rs1.03 trillion as sales tax and FED at the import stage during the fiscal year 2020/21, compared with Rs792 billion in the preceding fiscal year, showing an increase of 30 per cent.

The significant rise in the duty and taxes at the import stage may be attributed to rise in imports after ease in case of coronavirus and enhanced economic activities during the fiscal year.

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