Regional Tax Office (RTO) here saw 35 percent growth in direct tax during July-October period of current fiscal year as compare to corresponding period of 2007-08. According to provisional statistics made available to Business Recorder on Tuesday, Karachi RTO collected Rs 30.926 billion on account of direct tax during July to October 2008 as compare to Rs 22.992 billion collected in last year's corresponding period.
Sources told Business Recorder on Tuesday that RTO has surpassed last corresponding period collection by Rs 7.934billion, which is a positive stroke for economical growth of a country, besides paving the way to achieve tax collection target of Rs 1.358 trillion fixed for current Fiscal Year (FY).
They said that about 198 percent growth was witnessed in collection made by returns as Rs 2.01 billion was collected as compare to last corresponding period collection of Rs 675 million. They said that Rs 1.497 billion was collected on account of advance tax, showing 122 percent growth comparatively to last period collection of Rs 673.25 million.
Phenomenal growth was witnessed in several heads: 128 percent in out of current demand and 55 percent in out of arrears demand. Negative trend has shown in some heads, especially Capital Value Tax (CVT) (on Motor Vehicles) and CVT (on purchase of share, Modaraba certificates) as 100 percent and 87 percent decline were witnessed, respectively.