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FBR Reports 18.5% Rise in Customs Duty Collection

FBR Reports 18.5% Rise in Customs Duty Collection

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.

Also Read: FBR Raises Property Rates by 5% in 45 Cities to Meet IMF Requirements

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.

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Zain Aamer

Creative Graphic Designer with talent for developing unique Zain enhances NewsGuru’s visual identity by delivering innovative and engaging design solutions that strengthen the platform’s overall presence. Each of his artworks carries a distinctive artistic touch, blending creativity with precision to ensure the brand consistently stands out and leaves a lasting impression.
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Graphic Designer

Creative Graphic Designer with talent for developing unique Zain enhances NewsGuru’s visual identity by delivering innovative and engaging design solutions that strengthen the platform’s overall presence. Each of his artworks carries a distinctive artistic touch, blending creativity with precision to ensure the brand consistently stands out and leaves a lasting impression.

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