The Large Taxpayers Office (LTO) Karachi, the leading revenue collection arm of the Federal Board of Revenue (FBR), has achieved a monumental milestone by surpassing the ambitious tax collection target of Rs1 trillion in just eight months of the current fiscal year 2021/2022 (8MFY22).
The achievement was officially confirmed in a statement issued by the LTO Karachi.
According to the statement, the LTO Karachi made history by collecting an unprecedented Rs1,003.45 billion in all taxes during the period from July 2021 to February 2022. This marks a substantial growth of 45 percent compared to the previous year’s collection of Rs.692.70 billion during the same period. The achievement reflects the efficiency and dedication of the LTO Karachi in meeting and exceeding fiscal targets.
The overall budget target assigned to LTO Karachi for the July 2021 to February 2022 period was Rs920.19 billion. However, the LTO Karachi not only met but exceeded this target by Rs83 billion, showcasing an exemplary performance in revenue collection. This surplus indicates the robust economic activities and increased tax compliance within the jurisdiction of the LTO Karachi.
In addition to the cumulative achievement, the LTO Karachi also outperformed in the month of February 2022. The budgetary target fixed for the month was Rs105.5 billion, but the office surpassed this by collecting a commendable Rs107 billion in all taxes. This success further underscores the consistent performance of the LTO Karachi in meeting short-term targets while contributing significantly to the overall national revenue.
The achievement of surpassing the Rs1 trillion mark in just eight months is expected to have positive implications for the national economy, demonstrating the effectiveness of tax collection measures and the cooperation of taxpayers. The increased revenue will likely contribute to the government’s efforts to address fiscal challenges and fund essential public services and development projects.
The LTO Karachi plays a crucial role in revenue collection, focusing on large taxpayers and ensuring compliance with tax regulations. The office’s accomplishment in exceeding the assigned targets reflects the effectiveness of its strategies and the resilience of the Pakistani economy amid global uncertainties.
The Federal Board of Revenue and the government have commended the LTO Karachi for its outstanding performance and contribution to the national exchequer. The achievement sets a high standard for other tax collection units across the country and emphasizes the importance of sustained efforts to enhance revenue collection for the overall economic well-being of Pakistan.