Around 71 percent of customs duty collection has been contributed by 10 major sectors 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.
The Federal Board of Revenue (FBR) has conducted an analysis of customs duty collection from imports during 2021-22.
According to the FBR, customs duty constitutes 16.4 percent of FBR revenue collection. Customs duties performed very well during FY 2021-22 with 35 percent growth attained in the net collection as compared to the previous fiscal year.
The net collection during 2021-22 stood at Rs. 1,010.7 billion, which is Rs. 262.3 billion higher than the amount collected in the previous fiscal year.
It is worth mentioning that customs duties have crossed the 1 trillion mark in FY 2021-22. It is evident from the data that around 71 percent of customs duty collection has been contributed by 10 major sectors.
Out of these sectors, only collection on account of electrical machinery decreased. Collection from POL products increased by 172.2 percent, vehicles by 73.4 percent, and paper & paper board by 28.7 percent FBR data said.
The collection base of the customs revenues is provided by dutiable imports. In this context, collection of customs duty on major items, to a great extent remained commensurate with growth in the value of dutiable imports.
As a whole, dutiable imports grew by 56.2 percent and accordingly the customs duty increased by 35 percent.
