Pakistan alcohol sales recorded a 102% hike in annual tax collection as per the reports of Federal Board of Revenge (FBR).
The FBR has announced an increase in the federal excise duty for the fiscal year 2024.
The amount collected is as much as Rs577 billion that is increased by 56% to be compared with last year. Last year, total collection that was at Rs370 billion.
The increase in cigarettes, cement, drinks, air travel, gasoline, fertilizers, milk, juices, and alcohol amounts to Rs207 billion per industry.
Cigarettes had the highest addition as their collection was more than Rs95 billion. It was above the excise duty, resulting in over Rs237 billion in collections.
Cement took second spot with a Rs77.71 billion collection-a hike of Rs11.32 billion.
Drinks that include soda water rose by as much as 113 percent to Rs36.50 billion collected in taxes on airline ticket. The excise duty went up by Rs7.22 billion to cross the Rs47 billion mark.
The federal revenues have been collected from the fertilizers industries amounting to Rs29 billion. Milk and cream industries worth Rs5 billion for the country.
Alcohol and beverages industry
Pakistan alcohol industries have emerged as among the significant contributors as excise duty collections went up by 102%.
The collections added Rs2.29 billion to the national exchequer.
Other items that also helped boost tax income in general included fruit juices, syrups, squashes, and washing machines.
Although there were some minor drops in excise tax collected on automobiles and a few chemicals used in the beverage manufacture, the above increases contributed to these results.
The FBR gives credit to improvements in tax collection tactics and continuing good performance from major industries in this development.
However, at the same time, they continue to hope for this trend’s continuation in this fiscal year. Growth in addition revenues supplemented by persisting emphasis in tax administration is anticipated. Moreover, sector-specific developments are also expected.
