The Collectorate of Customs Port Qasim Karachi has surpassed the assigned revenue target of customs duty for the first half of the financial year, 2009-10. Collection of Customs duty stood at Re. 11947 millions as against the assigned target of Rs 11804 millions.
During the same period of last financial year 2008-09, the collection of customs duty was Rs 11120 millions which has registered a growth of Rs 827 millions in the year 2009-20 10 in absolute term with a percentile growth of 7.5 percent. According to official sources, data depicts that around 80 percent imports of the Collectorate are duty-free imports. The major revenue spinners of the Collectorate are restricted to oil products (edible oil & H$D), CKD kits, machinery and LCL imports.
Despite 3 percent dip in cumulative collection of Rs 5508 million during the FY, 2009-10 vis-à-vis Rs 5681 million during the FY, 2008-09 from oil products (edible oil & HSD), the Collectorate performed well on other fronts of revenue generation through special initiatives by further improving vigilance on misdeclarations, quick disposal of auctionable lots, recovery of stuck up revenue, encashment of securities and anti-smuggling activities.
Improvements in assessments also yielded extra revenue which not only offset the deficit from oil imports but resulted in achieving the assigned target as also surpassing the comparative collection of last fiscal year. Besides, after so many years, collectorate had geared up its anti-smuggling efforts and huge quantity of smuggled POL products was seized in two interceptions.
Through aforesaid extra efforts, the Collectorate was able to generate Rs 11947 millions customs duty revenue alone up to December, 2009. With on-going improvements, covering various aspects, senior management of the Collectorate was optimistic about the customs revenue prospects for the next six months of the financial year, 2009-10 and hoped that positive efforts would be further accelerated to achieve the assigned annual target.
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