Govt collected Rs 28240m as Export Development Surcharge

The Senate was informed on Friday that the federal government had collected Rs 28240 million during last five financial years as Export Development Surcharge.

Answering a question during the Question Hour, Minister for Law and Justice Zahid Hamid informed the house that out of the stated amount, Rs5291 million were collected in 2011-12, Rs 5599 million during 2012-13, Rs 6119.22 million during 2013-14, Rs 5865.88 million in 2014-15 and Rs 5365.62 million were collected during 2015-16 as Export Development Surcharge (EDS).

Explaining to the house, the minister said that the surcharge was levied on exports at the rate of 0.25 percent of the exports according to the section 11 of Finance Act, 1991 and the same is collected at present.

He stated that collection of EDS was entrusted to the State Bank of Pakistan which authorised all scheduled banks to deduct the EDS upon realisation of export proceeds as per a directive of March 2003.

The minister further explained that the rate of levy of Export Development Surcharge had remained unchanged during the last five years.

Answering a supplementary question, the minister said, Rs 4638.431million were transferred to Export Development Fund by the government during last five financial years.

Giving details, the minister said, Rs 1279.810 million were transferred to Export Development Fund during years 2011-12, Rs 752.614 million in the year 2012-13, Rs 845.495 million during 2013-14, Rs 479.134 million during 2014-15 and Rs 1281.378 million were transferred to Export Development Fund by the federal government during year 2015-16.

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