The Regional Tax Office (RTO), Karachi, has collected Rs 64.413 billion during July-May (2006-07), against Rs 53.320 billion in the same period of last fiscal year, depicting an increase of 20 percent. The revenue collection was about 87 percent of revised enhanced budgetary target of Rs 73.82 billion, a RTO official said.
Adding that the remaining revenue collection, of Rs 9.4 billion, during last month of the current fiscal year is a difficult task but measures had been taken to achieve it. In this regard, DG, RTO has already issued directives to tax officers to ensure recovery of arrears before month-end, he said.
According to official figures made available to Business Recorder, the gross collection of July-May (2006-07) stood at Rs 65.493 billion. About Rs 4.105 billion refunds were issued during this period. In the heads of deduction and payments, the RTO Karachi collected Rs 56.047 billion as compared with Rs 49.92 billion, showing increase of 10.225 percent.
Under these heads major contributors were: imports Rs 19.544 billion, salaries and others Rs 7.241 billion, profit on debt bank deposits Rs 3.375 billion, non-resident contractors Rs 2.062 billion, sale of other goods (Under Section 153) Rs 3.998 billion, services Rs 1.8 billion, other contracts (U/s 153) Rs 6.11 billion, exports Rs 4.476 billion, purchase/sale of shares Rs 2.11 billion.
Demand stood at Rs 1.471 billion in which arrears demand was Rs 183 million and current demand was Rs 1.288 billion. About Rs 3.458 billion tax with return was collected during the 11 months of the current fiscal year as compared with Rs 1.931 billion in the same period of last year, depicting 79 percent increase.
The RTO Karachi collected Rs 4.51 billion advance tax against Rs 1.351 billion. The collection of capital value tax (CVT) stood at Rs 3.012 billion against Rs 3.212 billion.
The break-up of CVT collection is Rs 1.292 billion from purchase of share, modaraba certificate, Rs 1.292 billion from motor vehicles and Rs 405.5 million from immovable property, other than commercial property and residential flats.