According to the latest revenue statistics released by the Ministry of Finance, total revenue mobilization grew by over 36 percent at the end of the fifth month of the current fiscal year whereas average annual target was over 23 percent.
Among the major eight sources of state revenue, customs recorded the impressive growth of 48 percent to Rs 13.24 billion, thanks to consumption-fueled imports that resulted in dramatic rise in customs. Last year, there was 22 percent rise in consumption expenditure against 16 percent rise in GNI per capita.
The customs mobilization target set for the fifth month was Rs 11.19 billion. Similar boost was also seen in collection of Value Added Tax (VAT) that witnessed a strong growth of 42.51 percent to Rs 20.20 billion. The collection during the same period last year was Rs 14.18 billion.
In the like manner, mobilization of excise duty also recorded a whopping increment of over 64 percent to Rs 8.92 billion whereas the target set for the period was Rs 6.51billion. The revenue made through income tax also was 51.5 percent higher than the collection made during the same period last year. Apart from broadened tax net, the budgetary decision to impose one percent income tax on all sorts of incomes was the principal cause for the rise.
However, revenue collected though vehicle tax declined by almost nine percent during the period due mainly to the disputes between department of customs and vehicle dealers over the valuation of third-country made vehicles that interrupted vehicles imports for almost two months.
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