The revenue collection of direct taxes by Large Taxpayers Unit, Karachi for the fiscal year 2004-2005 surpassed its allocated budgetary target. The organisation collected over Rs 35 billion as against the target of Rs 27.90 billion assigned last year which represents a growth of around 25 percent.
Besides, the LTU Karachi has also set a milestone in taxpayer facilitation by issuance of record refund of Rs 11 billion during the fiscal year. The general historical allegation that budgets were achieved by withholding the due refunds, has proved to be a misnomer in the case of this organisation.
LTU Karachi started its operations on 01.07.2002 when its budgetary target for the year was assigned at Rs 22 billion.
However, in a short span of three years, the assigned targets have been increased to Rs 32 billion, against which the LTU Karachi has recorded a collection of over 35 billion for the fiscal year 2004-2005 which is an increase of around 60 percent.
Collection under all the major heads recorded an increase. Gross collection for this year stood at Rs 46 billion, out of which collection out of current and arrears demand is Rs 7 billion, advance tax Rs 25.5 billion, withholding taxes Rs 6 billion and along with return Rs 5 billion.-PR
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