Karachi, January 3, 2024 – The Large Taxpayers Office (LTO) Karachi has etched its name in history by surpassing the Rs 1 trillion collection mark within a span of six months.
Commissioner Inland Revenue Mr. Girdhari Mal announced this historic milestone during a press conference, showcasing the exceptional performance of the tax office.
For the first time ever, LTO Karachi, the primary revenue collection agency of the Federal Board of Revenue (FBR) in Pakistan, exceeded its six-month (July – December) 2023-24 target, amassing an impressive Rs 1,221 billion. This remarkable feat reflects a substantial growth of 27 percent, showcasing the efficiency and dedication of the tax office.
Breaking down the achievement further, the LTO Karachi not only met but exceeded its monthly target for December 2023 by collecting Rs 320 billion against an upward target of Rs 316 billion. This exceptional performance represents a growth rate of 39 percent for the month, demonstrating the consistent success of the tax office.
Commissioner Girdhari Mal highlighted that December 2023 marked another historic moment as LTO Karachi crossed the Rs 300 billion milestone in a single month for the first time in its history. This achievement is particularly noteworthy considering the challenges posed by a nominal 2.5 percent growth in imports, emphasizing the remarkable 47 percent growth achieved in domestic taxes.
LTO Karachi’s success is not only confined to surpassing revenue targets but extends to improvements in collection ratios from direct taxes and non-withholding taxes. The tax office has demonstrated commendable performance in enhancing demand collection by 55 percent and advancing tax collection by an impressive 67 percent compared to the previous year.
The accomplishment of collecting over Rs 1 trillion in six months underscores the robust tax collection system in place, contributing significantly to the national exchequer. The achievement also reflects positively on the economic resilience and fiscal responsibility demonstrated by Pakistan’s tax authorities.
The success story of LTO Karachi is a testament to the dedication and strategic efforts of the tax officials and the efficiency of the tax collection framework. As the global economic landscape evolves, such achievements play a pivotal role in fortifying the financial stability of the country.
As the fiscal year progresses, stakeholders and analysts will keenly observe LTO Karachi’s continued performance, looking for sustained growth and innovative strategies that contribute to the economic development and prosperity of Pakistan. The historic Rs 1 trillion collection milestone serves as a beacon of success, encouraging other tax offices to strive for excellence in their revenue collection endeavors.
