The Federal Board of Revenue has highly appreciated the performance of the Large Taxpayers Unit (LTU) Islamabad for surpassing the revenue collection target of Rs 371 billion for 2011-12, which enabled the board to surpass the psychological barrier of Rs 1900 billion during last fiscal year.
It is reliably learnt on Wednesday that a team of tax officials of LTU Islamabad headed by Chief Commissioner, Syed Ijaz Hussain surpassed the assigned target through timely enforcement and administrative measures with special focus on recovery of arrears and income tax assessments of the registered persons. The remarkable performance of the LTU Islamabad has been acknowledged by the Board and tax authorities visited the LTU Islamabad to congratulate the officials of LTU particularly Chief Commissioner, Syed Ijaz Hussain.
The jurisdiction of Large Taxpayer's Unit (LTU) Islamabad primarily consists of cases relating to Oil & Gas, banking, telecommunication, textile, cement, pharmaceutical, fertiliser and construction sectors. The LTU Islamabad was assigned the formidable task of achieving the budgetary target of Rs 371 billion for financial year 2011-2012.This amount constituted 20 percent of the national budget assigned to the Federal Board of Revenue.
The officers of LTU Islamabad strived very hard to achieve revenue targets assigned under the heads Income Tax, Sales Tax and Federal Excise despite the fact that the country was in the grip of an energy crisis which was negatively affecting every sector of the economy. Also there was a shortage of officers and majority of officers were working on more than one position.
Under the guidance of Chief Commissioner, Syed Ijaz Hussain, the officers worked day and night to achieve the assigned targets and by the year end not only achieved but surpassed the assigned targets. To celebrate the achievement a function was held at LTU, Islamabad on July 2, 2012. Shahid Hussain Asad Member, Inland Revenue, distributed certificates amongst the high achievers and praised the efforts of all officials of LTU, Islamabad.