Large Taxpayers Unit (LTU) Karachi has witnessed 11.5 percent growth during July to January of current fiscal year 2008-09 as compared to last corresponding period, according to provincial statistics made available to Business Recorder on Thursday.
LTU Karachi collected Rs 52.063billion on account of direct tax during the last seven months as compared to Rs 48.129billion made in last corresponding period of previous fiscal year. While, around Rs 37.248 billion and Rs 20.103 billion have been collected in sales tax and federal excise, respectively.
Sources told Business Recorder that LTU has surpassed last corresponding period collection by Rs 11.285billion, which is a positive stroke for economical growth of a country, besides paving the way to achieve tax collection target fixed for current fiscal year, they said.
They said that LTU had to collect around Rs 122billion target fixed by the Federal Board of Revenue (FBR) for current fiscal year and termed it as the most formidable task for the tax office to achieve.
They apprised that LTU Karachi had refunded Rs 8.211billion during July to January of current fiscal year, which was 44.18 percent higher than last corresponding period. They further said that about 155.28 percent growth was witnessed in collection made by rising current demand as Rs 12.430billion was collected as compare to last corresponding period collection of Rs 4.869billion.
While Rs 4.066billion was collected on account of arrears demand, depicting huge growth comparatively to last period collection of Rs 320million.
Sources said that FBR had taken stern budgetary measures aimed at achieving set mark for FY 2008-09, successfully. Furthermore, they added that board was pondering to cover those areas that had escaped taxes for various reasons.