ISLAMABAD, November 9, 2024: The Federal Board of Revenue (FBR) reported a significant rebound in customs duty collections for the fiscal year 2023-24, showing an 18.5% increase over the previous year.
According to the FBR, net customs revenue for the year exceeded Rs 1.1 trillion, up from Rs 931.7 billion in 2022-23, making customs duties account for around 12% of total FBR revenue.
The petroleum sector and imported vehicles were the leading contributors to this growth.
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Petroleum, oil, and lubricants (POL) remained the largest source of revenue, contributing 29.1% of total customs duties, with a 14.1% rise in revenue.
Imported vehicles followed as the second-largest contributor, making up 11% of the total and experiencing a remarkable 42% increase in revenue.
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On the other hand, revenue from edible oil dropped by 12.7%, reflecting a 13.9% decrease in edible oil imports.
Overall, the increase in customs revenue aligned closely with a 13.4% rise in dutiable imports, with collections from major goods rising by 17%, highlighting a strong link between import volumes and duty revenue.
