A selected group of chief executives (CEs) of the top taxpaying companies of the province was given a briefing on Large Taxpayers Unit (LTU) here on Tuesday.
Director General LTU, Lahore Umar Farooq briefed the participants about the goals and objectives of the unit with reference to the reforms undertaken by the present government in tax machinery furthering the goal of good governance.
He also apprised them of the achievement of the new set up, which is catering for the top taxpayers of the province for all the federal domestic taxes under a single roof facility like income tax, sales tax and federal excise duty.
On the occasion, Talat Altaf Khan, Addition Commissioner Taxpayers Facilitation Division gave a detailed presentation on the working of LTU and threw light on rational behind the creation of LTU.
The unit was set up to focus and cater to the specialised needs of the taxpayers under the purview of LTU jurisdiction. The presentation covered the vision of the CBR to become a modern, progressive, effective, autonomous and credible organisation for optimising revenue by providing quality service and promoting compliance with tax and related laws.
The LTU was inaugurated on June 16, 2005 and the jurisdiction of LTU is comprised of banking companies, non-resident companies and their subsidiaries being assessed to tax at Lahore paying federal domestic taxes of Rs 10 million and above.
There are 197 companies that are currently being catered to for income tax purpose and 144 companies for their sales tax needs and 11 units selected for managing federal excise duty.
The LTU Lahore is operating on functional lines having division such as taxpayer facilitation. The chief executives of the companies saw the wide range of modern facilities and services being offered to the taxpayers in the LTU.