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Karachi LTU collects Rs157b in July-August

Karachi LTU collects Rs157b in July-August

KARACHI: The Large Taxpayers Unit (LTU) Karachi collected Rs157 billion during July-August as compared to Rs119 billion in the corresponding period of the last fiscal year.

Official sources said that the measures to boost economic activities started yielding positive results, adding, “This resulted in profitability of corporate sector and subsequently led to increase in tax contribution.”

LTU Karachi contributes around 35 percent to the FBR’s total tax revenue collection. Sources said LTU Karachi is to pull together approximately Rs1.5 trillion in view of the annual revenue target.

The sources said the tax department needs to gear up efforts in the current month to meet its quarterly (July-September) revenue target of Rs257 billion. LTU Karachi has to collect Rs103 billion to make it out.

The unit collected Rs83 billion in September 2016 and the collection of the first quarter of the last fiscal year was Rs202 billion. A senior tax official, however, was sanguine about the target achievement.

“The target for September 2017 is achievable as advance tax for the first quarter would be due on September 15 for individuals and September 25 for corporate entities,” said the officials.

The LTU officials said FBR is giving priority to wind up pending audit cases to generate tax revenue during the current fiscal year to meet the target.