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Revenue collection worsens due to shipping companies’ behaviour

Revenue collection worsens due to shipping companies’ behaviour

KARACHI: The situation of revenue collection may become further unpleasant for the Federal Board of Revenue due to the apathy of shipping companies in certain matters.

FBR sources informed Customs Today that the shipping companies have not been calling for an Import General Manifest (IGM) number against the ship MOL, which was staying at Karachi International Containers Terminal (KICT) for last 10 days.

Sources further told this scribe that the ship MOL, containing imported vehicles and items worth billions of rupees was staying at KICT on June 13. However, the shipping companies just for their vested interest were not calling for an IGM number from Pakistan Customs.

“On one hand, the importers will have to pay hefty amounts to shipping companies in terms of detention charges. While, on the other hand, FBR may also face delay in collecting the duties/taxes due to the apathy of shipping companies in applying for IGM number,” sources added.

Sources further confirmed this scribe that the shipping companies have called for an IGM number from Pakistan Customs, but as little time remains in the closing of the current fiscal year it is becoming more critical for FBR in order to achieve the revenue target by the end of this month. These delaying tactics by the shipping companies are creating hindrance for FBR in achieving its revenue target.