LTO Karachi collects PKR 456 billion in 1QFY23

LTO Karachi collects PKR 456 billion in 1QFY23

KARACHI: Large Taxpayers Office (LTO) Karachi has collected PKR 456.4 billion in the first quarter (July – September) 2022/2023.

The LTO Karachi is the largest revenue collecting arm of the Federal Board of Revenue (FBR).

The tax office has posted quarterly growth of 23 per cent as it collected PKR 371.3 billion in the same quarter of the last fiscal year.

During the month of September 2022, Large LTO Karachi also surpassed budgetary target fixed at PKR 178.28 billion by collecting gigantic PKR 184.21 billion (all taxes) against the target fixed by the government.

During the period, under the domestic head, LTO Karachi has shown spell bound 70 per cent increase vis-à-vis collection made during the same period last year by collecting PKR 113.6 billion as against PKR 66.9 billion collected last year.

This performance is despite the slowing down of national economy in the month of September due to floods, import contraction , negative trend in Cement sector and shrinking of demand due to inflation in the country as well as no sales tax on petroleum products.