FBR Reports 18.5% Surge in Customs Duty Collection for 2023-24
The Federal Board of Revenue (FBR) announced a significant recovery in customs duty collections for the fiscal year 2023-24, with an 18.5% increase compared to the previous year. Net customs revenue reached over Rs1.1 trillion, up from Rs931.7 billion in 2022-23, making customs duty approximately 12% of total FBR revenue.
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The petroleum sector and imported vehicles were the leading contributors. Petroleum, oil, and lubricants (POL) led with a 29.1% share in total customs duties, reflecting a 14.1% rise in revenue. Imported vehicles followed, contributing 11% of customs duty collections and showing a notable 42% increase.
Revenue from edible oil saw a decline of 12.7%, aligning with a 13.9% reduction in edible oil imports. Overall, the customs revenue closely followed the 13.4% rise in dutiable imports, with collections from major goods rising by 17%, underscoring the correlation between import values and customs duty.
