ISLAMABAD: The Federal Board of Revenue (FBR) has estimated to collect nearly Rs1,296 billion from customs duties in 2024-25 for which trade taxes, including regulatory duties would be further increased on luxury and non-essential items in budget (2024-25).

The FBR has projected to collect Rs1,091 billion under the head of customs duty during 2023-24 as compared to estimated Rs1,296 billion in 2024-25, reflecting an increase of Rs 205 billion.

The heavy reliance on “trade taxes” would continue in the coming budget (2024-25) for achieving the assigned revenue collection targets during next fiscal year, sources said.

SIFC helps FBR collect Rs6.71trn in Jul-Mar FY24

A review of the Pakistan Customs Tariff revealed that many imported items including consumer goods, home appliances, finished products and non-essential items are already subjected to multiple “trade taxes” like customs duty, regulatory duty, additional customs duty (ADC), special customs duty, sales tax, withholding tax and excise duty.

The policy of reliance on “Trade Taxes” would continue in the next fiscal year, as mobilization of revenue at the domestic stage through documentation and broadening the tax base would not be an easy task in 2024-25, they added.

Copyright Business Recorder, 2024

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T May 29, 2024 02:38pm
tax, advance tax, more advance tax, furthermore tax, furthermore advance tax, more advance furthermore tax and the list goes on.
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usman May 29, 2024 02:53pm
Yet bahria,Bani Gala and DHA property taxes will not be charged on the valuation of property.Why dont you kill the poor for once
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Chawla.i May 29, 2024 08:24pm
As our country is import base, its better to increase more 100% and dont collect any other tax, only possible solution
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Aam Aadmi May 31, 2024 10:51am
By imposing multiple taxes on imported items of common use, you are strengthening the hands of local mafia who not only produce poor quality stuff but also monopolise the prices. Please stop.
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