The Federal Board of Revenue (FBR) reported a strong performance in customs duty collection for the fiscal year 2023-24, with an 18.5% increase compared to the previous year. Net customs revenue surpassed Rs1.1 trillion, up from Rs931.7 billion in 2022-23, making up about 12% of the total FBR revenue.
The petroleum sector and imported vehicles were the largest contributors to this growth. Petroleum, oil, and lubricants (POL) accounted for 29.1% of total customs duties, with a 14.1% increase in revenue. Imported vehicles followed as the second biggest contributor, showing a remarkable 42% increase, and accounting for 11% of total collections.
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However, revenue from edible oil saw a decline of 12.7%, consistent with a 13.9% drop in edible oil imports. Overall, the increase in customs duty aligned closely with a 13.4% rise in dutiable imports, and customs revenue from major goods saw a 17% increase, indicating a strong connection between rising import values and customs duty collections.
