The Large Taxpayers Unit (LTU), Karachi, collected Rs 83.482 billion in the fiscal 2005-06 as compared to Rs 82.92 billion during FY05, depicting an increase of Rs 562 million, according to official figures available here on Saturday. The amount included direct taxes Rs 42.071 billion, sales tax Rs 26.908 billion and federal excise duty Rs 14.503 billion.
The LTU Karachi collection witnessed a 19 percent growth under direct taxes that has risen to Rs 42.071 billion as compared to the target of 35.276 billion.
An LTU official told Business Recorder that some outstanding receipts were expected that would increase the last fiscal year's collection. He said the Central Board of Revenue (CBR) was concentrating on collection of direct taxes that brought about the growth in the Karachi LTU and the tax unit could be able to collect surplus Rs 6.79 billion in direct taxes.
The official said the government's business-friendly policies had boosted the economic activities and confidence in the country, which resulted in the mushrooming of businesses and increase in tax collection as well. He said the government's reforms introduction and reposing confidence in the taxpayers had also taken them out of the fears.
The Universal Self-Assessment Scheme had enabled the large taxpayers to declare their income tax liability, which would also be acceptable to the Income Tax Department and unnecessary procedures had also been eliminated.
Quoting last year's statistics, the official said the Karachi LTU has collected a 564 percent increased capital value tax (CVT) on the bourses in the last fiscal year, which stood at Rs 13.8 million as compared to Rs 2.08 million in FY05. The levy of CVT in the Budget 2005-06 was the major factor in the collection, he added.
The statistics of the last year's collection showed on the account of arrears demand, the LTU has collected Rs 2.342 billion a 129 percent increase as compared to Rs 1.024 billion in FY05. While, collection of the current demand has decreased to Rs 2.478 billion compared to Rs 6.050 billion in FY05.
The collection of advance income tax has risen to Rs 26.501 billion the 8 percent increase against Rs 24.463 billion recorded in FY05. The tax with return also moved up 145 percent to Rs 11.473 billion against Rs 4.685 billion in FY06. The receipt of minimum tax on turnover collection has risen 301 percent, which was Rs 35.7 million as compared to Rs 8.913 million.
The LTU Karachi has collected additional 20 percent withholding tax in the last fiscal year that was Rs 7.419 billion as compared to Rs 6.176 billion in FY05.
The total refund issued or adjusted stood at Rs 13.291 billion in the last fiscal year as compared to 11.014 billion in FY05.
Comments
Comments are closed.