It has also been decided that accurate valuation ruling and its implementation on ports for assessment of goods would also increase revenue collection. The tax authorities appreciated that the customs has shown over 20 percent growth in revenue collection during 2016-17. Tax authorities have given directions to the Collectors of Customs to improve sales tax and withholding tax collection at the import stage. It is necessary to increase sales tax and withholding tax collection from imports to achieve the assigned revenue collection target. The collection at the import state can play a key role in achievement of the assigned targets.
Each Collector of Customs made a presentation before the tax authorities and suggested measures to improve collection at import stage. The conference reviewed the performance of the MCCs regarding collection of customs duty and other taxes at the import stage. The conference discussed in detail measures to check revenue leakage regarding sales tax, withholding tax and customs duty at the import stage for improving collection through clearance of imported consignments.
The conference reviewed the impact of budgetary measures taken in last budget. The FBR directed the collector of customs to check loopholes at the import stage to ensure proper collection of customs duty on the items cleared from ports. Tax authorities also directed to take measures for accurate assessment of imported goods which would improve customs duty collection in the remaining period of 2016-17.
Copyright Business Recorder, 2017