ISLAMABAD: The petroleum sector and imported vehicles were the leading contributors to customs duty revenue in 2023-24, according to a report by the Federal Board of Revenue (FBR). Customs duty collection showed a strong recovery, growing by 18.5% to reach Rs 1,104.1 billion, up from Rs 931.7 billion in the previous fiscal year. This revenue contributed approximately 12% of total FBR collections.
The petroleum, oil, and lubricants (POL) sector led with a 29.1% share of total customs duties, marking a 14.1% increase. Imported vehicles followed with an 11.0% share and a substantial 42.0% growth in duty collection. However, customs duty from edible oil declined by 12.7%, corresponding with a 13.9% drop in imports. The report highlights that customs duty collections closely followed the growth in dutiable imports, which rose by 13.4%, resulting in a 17.0% increase in duty revenue.
Story by Sohail Sarfraz
