ISLAMABAD: The tax collection at import stage constituted 35 percent and domestic tax collection’s share was 65 percent in total tax collection of the Federal Board of Revenue (FBR) during 2023-24.
The FBR’s comparative data revealed that the share of tax collection from imports reduced from 39 percent in 2022-23 to 35 percent in 2023-24. The share of tax collection from imports was 49 percent in 2021-22.
Within the category of import taxes, the share of customs duty collection was 13 percent in 2022-23 as compared to 12 percent in 2023-24.
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The share of domestic taxes increased from 61 percent in 2022-23 to 65 percent in 2023-24. The share of federal taxes collected from local stage/supplies was 51 percent in total tax collection during 2021-22.
The sales tax collection from domestic stage stood at 47 percent and imports 53 percent during 2023-24.
The share of domestic sales tax collection increased from 44 percent in 2022-23 to 47 percent in 2023-24. In 2021-22, the share of domestic sales tax collection in total taxes was 35 percent which increased to 47 percent in 2023-24.
The share of sales tax collection from import stage reduced from 56 percent in 2022-23 to 53 percent in 2023-24. The share of sales tax collection from imports in total collection was 65 percent in 2021-22.
Out of total Federal Excise Duty (FED) collection, the share of FED from local supplies/domestic stage reduced from 96 percent in 2022-23 to 94 percent in 2023-24.
The FED share from imports increased from 4 percent in 2022-23 to 6 percent in 2023-24 in total FED collection.
The share of income tax collection from domestic stage was 92 percent in 2023-24 whereas the IT collection from the import stage constituted 8 percent of the total tax collection during this period.
In total income tax collection, IT collection at the domestic stage increased from 90 percent in 2022-23 to 92 percent in 2023-24. In 2021-22, the domestic IT collection’s share was 86 percent in total IT collection.
The IT collection from imports reduced from 9 percent in 2022-23 to 8 percent in 2023-24, FBR data added.
Copyright Business Recorder, 2024
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