ISLAMABAD: Nearly 71% of customs duty collection was contributed by 10 major sectors in 2021-22, including petroleum products, vehicles, iron and steel, electrical machinery, machinery/mechanical appliances, edible oil, plastic resins, tea/coffee, paper/cardboard and oleaginous seeds and fruits.
According to the RBF report on revenue performance in 2021-2022, customs duties represent 16.4% of RBF revenue. Customs duties performed very well in fiscal year 2021-22 with a 35% growth in net collection compared to the previous fiscal year.
Net inflow in 2021-22 stood at Rs. 1,010.7 billion, which is Rs. 262.3 billion more than the amount collected in the previous financial year.
July collection up Rs15bn
It is worth mentioning that the tariffs crossed the Rs 1 trillion mark in the financial year 2021-22. The data shows that about 71% of the collection of customs duties was contributed by 10 major sectors. Among these sectors, only inflows for electrical machinery recorded negative growth. Import duty collection on POL products increased by 172.2%, vehicles by 73.4%, paper and cardboard by 28.7%, FBR data disclosed.
The customs revenue base is made up of dutiable imports. In this context, the collection of customs duties on the main products has remained largely proportional to the growth in the value of dutiable imports. Overall, dutiable imports increased by 56.2% and as a result, tariffs increased by 35%, the FBR report added.
Copyright Business Recorder, 2022