Federal Board of Revenue (FBR) Chairman Asim Ahmad Friday chaired the Collectors of Customs conference at Karachi with the directions to focus on anti-smuggling measures and under-valuation of imported goods.
Chief Collectors and Collectors of Customs gave detailed presentations to the FBR Chairman. Sources informed that the chairman directed to ensure accurate collection of taxes including customs duties, additional customs duties, regulatory duties, sales tax, and withholding taxes on the import of luxury and non-essential items.
The chairman said that the enforcement measures to check to smuggle should be the priority of the customs at borders. Sources said that the Customs will improve its collection on imports through effective checking of under-valuation of imported goods.
Collectors of Customs gave presentations to the FBR chairman on revenue collection, anti-smuggling activities, and recovery of arrears.
It is pertinent to mention here that nearly 71 percent of customs duty collection has been contributed by 10 major sectors during 2021-22 including petroleum products, vehicles, iron and steel, electrical machinery, machinery/ mechanical appliances, edible oil, plastic resins, tea/ coffee, paper/ paperboards, and oil seeds and oleaginous fruit.
Out of these sectors, only collection on account of electrical machinery recorded negative growth. The collection of import duty from petroleum products increased by 172.2 percent, vehicles by 73.4 percent, and paper & paper board by 28.7 percent, according to FBR data.