- FBR and AGPR have discrepancies over Rs 21.3 billion collected as Special Customs Duty for fiscal year 2023-24
- Total Customs Duty collection reported by FBR was Rs 1.1 trillion, including the SCD
- SCD was initially an Export Development Surcharge, revised in 2003 by the Ministry of Finance
- Changes by the Finance Act 2022 led to SCD receipts being transferred directly to the Export Development Fund, causing confusion
- Finance Division instructed FBR and AGPR to resolve reconciliation issues in January 2024, but problems persist
- Special Customs Duty is important for supporting export development but faces transparency and efficiency issues
- Ongoing efforts aim to establish accurate reconciliation processes to enhance fiscal accountability and support export initiatives
Source: pkrevenue.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
