The petroleum, oil and lubricants sector remained the largest contributor to customs duty during FY 2024-25, according to new data issued by the Federal Board of Revenue.
POL products contributed 22.7 percent of the country’s total customs duty. This amounts to roughly Rs. 291 billion out of the total Rs. 1,284.6 billion collected during the year.
However, despite the top share, revenue from POL imports declined by 9.1 percent due to reduced import volumes and lower global prices.
Overall customs duty collection showed strong growth with net revenue increased to Rs. 1,284.6 billion from Rs. 1,104.1 billion last year.
This reflects a year-on-year growth of 16.4 percent driven by higher dutiable imports.
Customs duty contributed 10.9 percent to Pakistan’s total tax revenue. The FBR also confirmed that it achieved 95.2 percent of its annual customs duty collection target.
Vehicles were the second biggest contributor with a 13.4 percent share.
This category alone accounted for 41.1 percent of the total growth in customs duty revenue, helped by higher import values.
Sales tax or custom duty more closer to system of ZAKAT.
Bcz it is evenly distributed to each citizen of nation indiscriminately. There are no slabs in it.
If Government just put one sales tax and customs duty until it is scared of implimention of ZAKAT system then government. This way government would have liberty to eliminate FBR so lots of public expense can be saved.
Lots of relief the business community will have and whole nation will get sigh of relieved too.
Definitely State banks arrogance to keep interest rates intact and way too high is hampering the growth of nation which should be a point of concern to the government and nation.
Second top most priority is accountability of each one who is paid from public exchequer as salary and benifits.
Alhamdolilah