LAHORE: The Regional Tax Office (RTO) Lahore has received 477,000 income tax returns till date with revenue worth Rs4 billion, said sources. They said the RTO had received a total of 558,123 income tax returns during the last fiscal year with a total revenue generation of Rs5.2 billion.
According to them, the office is likely to surpass last year’s revenue figure by adding another Rs2 billion by 30th November, the cut off date for filing of returns during the current fiscal year. They said a good number of returns under section 7E are pending before the court of law and the RTO is likely to surpass last year’s number of taxpayers as well as revenue generation once they are decided by the courts.
It may be noted that the RTO had added some 70,000 new taxpayers throughout the last fiscal year.
Chief Commissioner RTO Lahore Nasir Iqbal confirmed the figures, saying that the RTO was actively pursuing taxpayers for improving the revenue generation of the country. When pointed out the media reports suggesting an overall 34% reduction in income tax return filing, he said, a number of variables contribute to the overall performance of the Board. However, the field formation of RTO Lahore was fully active to achieve the budget targets set by the Board, he added.
Meanwhile, the RTO Lahore has already exceeded the revenue target for the month of October 2022 as well as the revenue target up to October 2022. Target for the month of October 2022 was Rs21.1 billion and it has collected Rs22.1 billion against a collection of Rs16.1 billion during the corresponding period, registering an absolute increase of Rs6.1 billion, or 38%.
Similarly, the cumulative collection up to October 2022 remained Rs73.9 billion against the target of Rs81.9 billion, showing an increase of Rs8 billion, or 111%. The collection up to October 2021 was Rs58.3 billion.
Meanwhile, the Point of Sale (POS) integration in July 2022 was 43, and it triggered to 60 in August, 87 in September, and 106 in October 2022. The RTO Lahore is the only field formation in country to achieve 100+ integrations in October 2022.
Copyright Business Recorder, 2022
Comments
Comments are closed.