KARACHI: The Large Taxpayers Office (LTO) Karachi has surpassed an ambition tax collection milestone of Rs1 trillion in just eight months (July – February) of the current fiscal year 2021/2022 (8MFY22).
According to a statement issued by the LTO Karachi, the largest revenue collecting arm of the Federal Board of Revenue (FBR), the unit had made history by showing a remarkable achievement of collecting unprecedented Rs1,003.45 billion in all taxes during the period July 2021 February 2022 as against Rs.692.70 billion collected previous year showing an overall growth of 45 per cent vis-à-vis overall collection made during the same period last year.
READ MORE: LTO Karachi facilitates Tier-1 retailers in POS integration
Overall budget target assigned to LTO Karachi for the period July 2021 to February 2022 was Rs920.19 billion against which LTO Karachi has achieved Rs1,003.45 billion, which is Rs83 billion in excess of the assigned target.
During the month of February 2022, LTO Karachi has also surpassed budgetary target fixed at Rs105.5 billion by collecting Rs 107billion (all taxes) against the target fixed by the government.