Taxation

Collection from imports exceeds Rs 1 trillion

The heavy reliance of Federal Board of Revenue (FBR) on import-related taxes is evident from the fact that the total collection of sales tax, federal excise duty (FED) and withholding tax from imports stood at Rs 1,043 billion during the whole fiscal year of 2017-18 against Rs 900.390 billion in (July-June) 2016-17, reflecting an increase of Rs 142.61 billion.

The FBR’s import related data for 2017-18 revealed that the FBR has collected Rs 815.164 billion sales tax and Rs 218.296 billion withholding tax on imports during 2017-18 against Rs 692.807 billion sales tax and Rs 195.570 billion withholding tax respectively in 2016-17.

The FBR’s import related data for 2017-18 revealed that the FBR has collected Rs 10,481.84 million FED during 2017-18 against Rs 12,012.15 million in 2016-17, reflecting a decrease of 12.74 percent.

The FBR data further revealed that sales tax collection at import stage was Rs 815.164 billion in 2017-18 against Rs 692.807 billion in 2016-17, showing an increase of 17.66 percent. Withholding tax collection was Rs 218.296 billion during 2017-18 against Rs 195.570 billion in same period of 2016-17, showing an increase of 11.62 percent.

Total collection of sales tax, FED and withholding tax on imports amounted to Rs 1,043,941.51 million during 2017-18 against Rs 900,390.16 million during 2016-17.

During this period, the FBR has paid rebates and refunds at import stage to the tune of Rs 14.587 billion in 2018-17 against Rs 11.005 billion in 2016-17, showing a growth of 32.54 percent.

Monthly data of July-June (207-18) revealed that the net collection of customs duty was Rs 39,496.57 million in July 2017; Rs 44,370.38 million in August; Rs 44,600.27 million in September; Rs 46,457.31 million in October; Rs 48,591.25 million in November; Rs 57,587.41 million in December; Rs 48,309.97 million in January; Rs 43,647.54 million in February; Rs 55,053.18 million in March; Rs 47,691.76 million in April; Rs 54,630.52 million in May; and Rs 75,639.14 million were collected in June 2018.

The net collection of sales tax was Rs 63,014.40 million in July 2017; Rs 68,386.93 million in August; Rs 62,047.66 million in September; Rs 65,833.92 million in October; Rs 64,786.56 million in November; Rs 67,273.28 million in December; Rs 69,058.41 million in January; Rs 61,525.46 million in February; Rs 70,749.06 million in March; Rs 70,536.34 million in April; Rs 78,666.20 million in May and Rs 73,280.67 million in June 2018.

The net collection of withholding tax was Rs 19,379.59 million in July 2017; Rs 18,742.19 million in August; Rs 15,961.87 million in September; Rs 17,312.22 million in October; Rs 17,751.27 million in November; Rs 17,599.19 million in December; Rs 18,737.48 million in January; Rs 15,882.54 million in February; Rs 18,101.53 million in March; Rs 17,778.50 million in April; Rs 20,224.74 million in May; Rs 20,821.52 million in June 2018.

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