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MCC Port Qasim falls Rs11b short of revenue target in May

MCC Port Qasim falls Rs11b short of revenue target in May

KARACHI: Model Customs Collectorate of Port Muhammad Bin Qasim has once again lagged behind in its revenue target for the month of May by collecting revenue of Rs 22,613 million which is Rs 10,995 million short of the revenue collection target set by FBR.

Federal Board of Revenue had set a revenue target of Rs 33,608 million for the month of May in share of different taxes including customs duty, sales tax, federal excise duty and income tax.

As per statistics, MCC Port Qasim has collected Rs 4,880 million in share of customs duty against the target of Rs 8,790 million with a shortfall of Rs 3,910 million.

Similarly, MCC Port Qasim has managed to collect Rs 14,861.5 million in share of sales tax against the set target of Rs 20,300 million with the difference of Rs 5,438.5 million.

MCC Port Qasim has collected a sum of Rs 207.6 million in share of federal excise duty against the target of Rs 288 million with the difference of Rs 80.4 million.

The collectorate has collected revenue of Rs 2,663.7 million in share of income tax against the target of Rs 4,230 million with a shortfall of Rs 1,566.3 million.

It is pertinent to mention here that MCC Port Qasim has remained behind its set revenue target in the second consecutive month during the last quarter of the fiscal year 2013-14 as in the month of April 2014, the collectorate had collected an amount of Rs 20, 255.5 million all together against target of Rs 30,719 million, set by the Federal Board of Revenue in the share of customs duty, sales tax, federal excise duty and income tax.

The Collectorate had collected an amount of Rs 4,170 million against the target of Rs 7,709 million in share of customs duty in April, 2014; Rs 13,643 million against target of Rs 19,700 million in share of sales tax; and Rs 2,221.5 million against the target of Rs 3,090 million in the share of income tax. However, MCC Port Qasim managed to collect Rs 220.5 million in share of federal excise duty with an increase of Rs 0.5 million in April, 2014.