The Large Taxpayers Unit (LTU) Karachi has collected Rs 19.76 billion direct taxes in the first quarter of the current fiscal year, depicting an increase of 97.36 percent as compared to same period of the last fiscal year 2005-06.
According to statistics made available to Business Recorder on Monday the LTU Karachi has collected Rs 19.764 billion income tax in the first quarter ending September 30 of the current fiscal year as compared to Rs 10.014 billion in the same quarter of the last fiscal year 2005-06, posting an increase of Rs 9.746 billion or 97.36 percent.
The gross collection of the unit stood at Rs 22.75 billion in the first quarter of the year 2006-07 as compared to Rs 12.402 billion of the corresponding period last year, showing an increase of Rs 10.348 billion or 83 percent.
The net collection under all heads of Karachi LTU was stood at Rs 17.667 billion, while the collection of first quarter of the year 2005-06 was Rs 9.542 billion, showing additional collection of Rs 8.125 billion or 85.18 percent.
The break-up of the income tax performance of the unit is: advance income tax collection Rs 11.054 billion, tax with return Rs 7.977 billion, arrears demand Rs 260.055 million, current demand Rs 469.588 million and minimum tax on turn-over Rs 3.124 million.
The unit has issued Rs 5.08 billion refunds in the first quarter as compared to 2.86 billion in the first quarter of the year 2005-06, which means Rs 2.22 billion or 77.6 percent additional refunds were issued.
Officials in the LTU Karachi said the target for the first quarter was set at Rs 11 billion but due to efforts of the tax officials the unit collected Rs 17.67 billion. The total collection was posted 160.6 percent surplus to the target. While, the collection was 34.6 percent of the total budget for the LTU Karachi, which is Rs 51 billion.
Officials said that the Central Board of Revenue (CBR) had concentrated on collection of direct taxes that brought about the growth in the Karachi LTU and the tax unit could able to collect surplus Rs 9.746 billion in direct taxes.
The officials said that 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.
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 taxpayers to declare their income tax liability, which would also be acceptable to the income tax department and unnecessary procedures had also been eliminated, they maintained. Officials predicted that considering latest performance of the LTU, the unit would surpass the annual target of Rs 51 billion in 2006-07.
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