Tuesday , November 24 2020
Breaking News
Home / Breaking News / July-April: Central region customs duty collection up by 9pc
July-April: Central region customs duty collection up by 9pc

July-April: Central region customs duty collection up by 9pc

LAHORE: Central region’s customs duty collection has increased by 9 per cent during the period from July to April during the Fiscal Year 2013-14 as compared to the same period of FY 2012-13.

The Central region attained growth in customs duty collection by collecting Rs 27,140 million up to April 2014 against Rs 24,710 April 2013. According to official data, Model Customs Collectorate of Appraisemnet Lahore collected Rs 12,755 million this FY against Rs 11,254 million last FY, missing target by 7 per cent and achieving growth of 13 per cent when compared to previous FY.

The Collectorate of Preventive Lahore collected Rs 4,524 million during the period under review against Rs 3,645 million during the previous FY. The collectorate achieved the set target of Rs 4,513 besides exhibiting growth of 24 per cent over the same period last FY. The collectorate of Multan missed its target of Rs 8,912 million by six per cent collecting Rs 8,334 million customs duty from July to April FY 2013-14 against Rs 7,669 million from July to April FY 2012-13.

Similarly, the collectorate of Fasilabad collected total customs duty of Rs 1,527 million during July to April FY 2013-14 against Rs 2,142 million during the same period last FY. The collectorate, not only missed its target of Rs 1,817 million by 19 per cent but also collected 29 per cent less customs duty than previous FY.

Inside sources said that the overall increase in collection of the customs duty in the Central region took place due to the Customs officials’ special measures. They said that rising tendency in tax collection is a good trend for any country because these taxes improve financial health of a country and public welfare. They said that customs duty collection can further be improved by encouraging the importers and exporters through reducing duty on various products. They said that this will help discourage smuggling which inflicts heavy losses on the businessmen doing business legally.