Despite unprecedented natural calamity, economic uncertainties and trade imbalances, the Regional Tax Office (RTO), Karachi has witnessed a growth of 59 percent in its collections made during the first two months of the current fiscal year.
According to provisional statistics, made available to Business Recorder on Thursday, the Karachi RTO has collected Rs 18.794 billion on account of direct tax during July to August, 2010 as compared to the collection of Rs 11.783 billion made in last corresponding period, surpassing it by Rs 7.01 billion.
The revenue collection, made on scrips' trading, under section 233A of Income Tax Ordinance 2001, has witnessed 511 percent growth as the RTO collected Rs 2.119 billion against the collection of Rs 0.347 million made in FY 2009-10. The collection made on account of profit on debt from banks and other securities, stood at Rs 1.357 billion and Rs 146.31 million respectively, depicting some 35 percent and 6 percent growth during the said period.
Similarly, the department has accumulated Rs 189.84 million during July-August 2010 against dividend income, which was collected at the rate of 5 percent under section 150 of the Income Tax Ordinance 2001, showing 8 percent growth against the collection of Rs 175.94 million made in FY 2009-10. Moreover, the collection made from returns stood at Rs 256.00 million against the collection of Rs 70.94 million made in last corresponding period, depicting some 261 percent growth.
A phenomenal growth was witnessed in some other heads; 49 percent in out of demand, 62 percent in current demand, 214 percent in the commission on advertising agents, 7 percent in indenting commission in foreign exchange, 168 in rentals, 11 percent in prize bonds and 186 percent in other commission. However, the collection made from minimum tax and arrears demand has shown 12 percent and 20 percent decline respectively, during the said period. The downward trend in revenue collection persisted in several other accounts including wealth tax, refunds and royalty fee for technical services.
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