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Introduction to Topic
Customs Duty: A tariff or tax on the importation or exportation of goods. Is a kind of national tax revenue. The purpose of customs duty collection is to maintain sovereignty and promote the national economic construction. Divided into import duties and export duties.
Introduction to Topic
Customs: An authority responsible for collecting and safeguarding customs duties and for controlling the flow of goods. Custom Act 1969: This section corresponds to Section 1 of the Sea Customs Act and Section 1 of the Land Customs Act. Extends to the whole of Pakistan.
SWOT analysis
Strength: Covering the whole things Brief description is available on everything related to exports and imports Supported by Law Weakness: Not completely following due to corruption Inefficient custom staff Importer and exporter are not well known about custom provisions
SWOT analysis
Opportunities: Education and training of Custom staff Threats: Corruption
Conclusion
A customs duty is a tariff or tax on the importation or exportation of goods. Customs duty is a kind of national tax revenue, which is its most essential nature. Customs is an authority or agency in a country responsible for collecting and safeguarding customs duties and for controlling the flow of goods. AFCO is an import/Export company that is following the provisions of custom act 1969 by spirit and by practice. There are some weaknesses in the custom system of Pakistan like corruption and lack of knowledge related to custom duties.
Recommendation
Government of Pakistan should have to take strong steps against corruption in the Custom department. Employees should be trained and educated. Time to time seminars should be held related to Custom Act for both importer/exporter and Custom staff. Recruitment and selection process for customs staff should be strict and monitored by Federal Government.