LTU Karachi collects Rs688 billion in first half

LTU Karachi collects Rs688 billion in first half

KARACHI: Large Taxpayers Unit (LTU) Karachi has collected Rs688 billion during first six months (July – December) of 2019/2020 as against Rs598 billion in the corresponding period of the last fiscal year, showing 15 percent growth, a statement said on Tuesday.

So far as December 2019 is concerned, LTU Karachi collected Rs160 billion as compared with Rs144 billion in the same month of the last year.

The rise in collection has been attributed to various tax facilitation and enforcement projects during the last six months by the LTU Karachi.

The unit issued Rs17.8 billion as sales tax refunds during the period in order to effectively address liquidity problems of the manufacturing sector.

In ongoing Broadening of Tax Base (BTB), the LTU Karachi retrieved data of unregistered commercial and industrial gas consumers and shared with the territorial regional tax offices for issuance of notices and registering the non-filers on income tax returns. This effort resulted in substantial increase in return filers.

The statement said that pursuing proactive policy of Federal Board of Revenue (FBR), various steps had been taken for the purpose of early disposal of litigation cases pending with the courts. On this account, senior officers have been specifically deployed for assistance of the High Court of Sindh for early disposal of cases.

The LTU Karachi said that strong enforcement as well as on site monitoring of production had been steadily reinforced and the exercise had brought growth in revenue especially in sugar and cement sectors.

The unit further said that strong internal accountability mechanism had been strengthened at Chief Commissioner Secretariat, whereby activities of officers and staff were being personally monitored by the Chief Commissioner himself.

All major taxpayers of LTU Karachi were actively engaged and appreciated for their substantial revenue contribution. In order to educate and enlighten the taxpayers regarding new tax measures and procedures, numerous taxpayer education and facilitation seminars were held during this period.

These endeavors brought significant improvement in taxpayer’s voluntary compliance besides creating congenial atmosphere between taxpayers and tax collectors.