Customs Duty and Sales Tax Collection Decrease Drastically in FY23

The National Assembly Standing Committee on Finance and Revenue was informed on Friday that there has been a decrease in the growth of custom duty and sales tax collection in the current fiscal year 2022-23 (FY23). The meeting of the National Assembly Standing Committee on Finance and Revenue was held at the Custom House, Karachi under the Chairpersonship of MNA Qaiser Ahmed Sheikh. The committee was briefed by officials of the Revenue Division about efforts to enhance revenue collection and various issues pertaining to it. The committee was told that there has been a fall this year in the growth of custom duty and sales tax collection. The committee inquired about issues in the application of super tax and removal of duties on some luxury electric vehicles. The committee also visited Karachi Port Trust (KPT) to look into the clearance mechanism of the port and discuss various issues faced by businesses. The committee was informed that discussions are ongoing with South Korea to construct a dedicated elevated expressway from KPT for easing traffic and efficient operations. The committee decided to call a joint meeting of the committees of Maritime Affairs and Finance and Revenue to find solutions for problems faced by both organizations.