Karachi, June 26, 2023: The Large Taxpayers Office (LTO) Karachi on Monday achieved a significant milestone by surpassing the landmark gross revenue collection of Rs2 trillion during the fiscal year 2022-2023.
(more…)Tag: LTO Karachi
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LTO Karachi posts 24% growth in tax collection for July – April 2022-2023
The Large Taxpayers Office (LTO) Karachi has reported a significant increase in tax collection, recording a remarkable 24% growth during the period of July to April 2022-2023 compared to the previous fiscal year.
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LTO Karachi hopes to achieve revenue collection target for 2022-2023
The Federal Board of Revenue (FBR) has recently appointed Sajidullah Siddiqui, a senior BS-21 officer, as the Chief Commissioner Inland Revenue of Large Taxpayers Office (LTO) Karachi.
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LTO Karachi collects PKR 456 billion in 1QFY23
The Large Taxpayers Office (LTO) Karachi, the flagship revenue collection arm of the Federal Board of Revenue (FBR), has demonstrated exceptional performance by collecting a staggering PKR 456.4 billion during the first quarter of the fiscal year 2022/2023 (July – September).
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LTO Karachi surpasses FY22 collection target
KARACHI: Large Taxpayers’ Office (LTO) Karachi surpasses the target of revenue collection of Rs.1,595 billion during the fiscal year 2021-2022.
The LTO, Karachi has collected Rs.146 billion excess amount, as it was assigned the target of Rs.1,449 billion for the fiscal year 2021-2022.
READ MORE: LTO Karachi collects Rs1.4 trillion July – May
The LTO Karachi has also surpassed the budgetary target fixed at Rs.170 billion during the month June 2022, by collecting a massive amount of Rs.196 billion in all taxes.
Large Taxpayers Office, Karachi has shown remarkable achievement by collecting Revenue at Rs.1,595 billion in all taxes during the period July 2021 – June 2022 as against Rs.1,124 billion collected previous year showing an overall growth of 42 percent vis-à-vis overall collection made during the same period last year.
READ MORE: LTO Karachi posts 41% collection growth in 10 months
Overall budget target assigned to LTO Karachi by the Federal Government for the period July 2021 to July 2022 was Rs.1,449 billion against which LTO Karachi has achieved Rs.1,595 billion which is Rs.146 billion in excess of the assigned target.
During the month of June 2022, Large Taxpayers Office, Karachi (Federal Board of Revenue) has also surpassed budgetary target fixed at Rs.170 billion by collecting gigantic Rs.196 billion (all taxes) against the target fixed by the Government.
READ MORE: LTO Karachi surpasses Rs1 trillion mark in 8MFY22
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LTO Karachi collects Rs1.4 trillion July – May
KARACHI: Large Taxpayers Office (LTO) Karachi has collected Rs1.4 trillion during first 11 months (July – May) of fiscal year 2021/2022, showing a 41 per cent growth over the corresponding period last year.
According to a statement issued on Tuesday, the LTO Karachi collected Rs1.4 trillion during first 11 months of the current fiscal year as compared with Rs992 billion in the corresponding months of the last fiscal year, showing a sharp increase of 41 per cent.
READ MORE: LTO Karachi posts 41% collection growth in 10 months
The LTO Karachi is the largest revenue collection arm of the Federal Board of Revenue (FBR). It collects around 35 per cent of the revenue collection collected at national level.
The LTO Karachi also surpassed the assigned target of revenue collection for the period of July – May 2021/2022.
READ MORE: LTO Karachi surpasses Rs1 trillion mark in 8MFY22
The tax office has been assigned Rs1.28 trillion as collection target for the period under review. It collected Rs1.4 trillion to surpass the target by Rs117 billion.
The LTO Karachi also surpassed the monthly target for May 2022. The tax office collected a huge amount of Rs130 billion in the month of May 2022 as against the assigned target of Rs125 billion.
READ MORE: LTO Karachi facilitates Tier-1 retailers in POS integration
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LTO Karachi surpasses Rs1 trillion mark in 8MFY22
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).
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Sindh High Court stops tax recovery against SSGC
KARACHI: Sindh High Court has suspended tax recovery notices issued against Sui Southern Gas Company Limited, according to a communication sent to the Pakistan Stock Exchange (PSX) on Friday.
The gas utility clarified reports regarding action of the Large Taxpayers Office (LTO) Karachi for making recovery by attachment of bank accounts.
READ MORE: FBR freezes SSGC’s bank accounts for tax recovery
SSGC said that LTO Karachi had issued notice of recovery of sales tax to banks regarding SSGC without following the legal process and waiting for decision of an independent forum i.e. Appellate Tribunal.
“Demand was raised on irrational and unreasonable grounds of treating swapping of indigenous gas against RLNG to SNGPL as sales income,” the gas utility said.
It said that against the said recovery notice, SSGC filed constitutional petition before Sindh High Court and the SHC suspended the recovery notice of LTO Karachi through an Order dated February 23, 2022 being devoid of legal merits and directed SSGC to pursue matter before the Appellate Tribunal.
The LTO Karachi on February 23, 2021 issued a press release stating that it had frozen bank accounts of SSGC due to its default of sales tax amount to the tune of Rs23 billion. The default amount of sales tax was also confirmed by the Commissioner Inland Revenue (Appeals).
The SSGC in its latest communication said that the LTO Karachi had withdrawn such recovery notices.
The LTO Karachi in an official note dated February 24, 2022 sent to banks stated: “… for the recovery of sales tax outstanding demand of Rs23.65 billion through bank attachment issued/served in respect of M/s. Suit Southern Gas Company Limited is hereby withdrawn with immediate effect.”
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Tax officials meet foreign investors to resolve issues
KARACHI: A team of senior tax officials held a meeting with foreign investors on Tuesday in order to resolve their pending issues.
The team of senior tax officials was headed by Shahid Iqbal Baloch, Chief Commissioner Inland Revenue (CCIR), Large Taxpayers Office (LTO) Karachi. Kazi Hifzur Rehman, Commissioner Inland Revenue, Audit Zone-III, LTO Karachi was also with him to attend the meeting at the premises of Overseas Investors Chamber of Commerce and Industry (OICCI), the representative body of the foreign investors operating in Pakistan.
Chief Executive / Secretary-General of OICCI Abdul Aleem and other member taxpayers of OICCI attended the meeting.
The CE / Secretary-General welcomed the Chief Commissioner-IR, Large Taxpayers Office, Karachi Shahid Iqbal Baloch, KaziHifzur Rehman, Commissioner-IR, to OICCI.
CCIR LTO Karachi Shahid Iqbal Baloch highlighted the role of his office in the collection of all domestic taxes particularly with reference to members of OICCI, who are the highest taxpayers of the country.
The members of OICCI shared their views and issues of taxation with the Chief Commissioner-IR, LTO, Karachi who also ensured their timely completion and highlighted that the team of officers posted at LTO, Karachi are thorough professionals and it was reiterated that all their pending issues related to taxes shall be completed as per law accordingly.
The meeting ended with vote of thanks by the Chief Commissioner-IR, LTO, Karachi Mr. Shahid Iqbal Baloch.
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LTO Karachi, PBC discuss tax issues
KARACHI: A team of senior officials from Large Taxpayers Office (LTO) Karachi visited Pakistan Business Council (PBC) on Wednesday.
Shahid Iqbal Baloch, Chief Commissioner Inland Revenue, Large Taxpayers Office (LTO) Karachi headed the team of tax officials. Kazi Hifzur Rehman, Commissioner Inland Revenue, Audit Zone-ll, LTO, Karachi also part of the team.
LTO Karachi is the major revenue collecting arm of the Federal Board of Revenue (FBR).
CEO PBC Ehsan Malik, Director Research PBC Samir S Amir and other member taxpayers of PBC attended the meeting.
The chief commissioner highlighted the role of LTO, Karachi in collection of all domestic taxes particularly with reference to members of the PBC, who are the highest taxpayers of the country.
The members of the Pakistan Business Council shared their views and issues of taxation with the Chief Commissioner-IR, LTO, Karachi who also ensured their timely completion and highlighted that the team of officers posted at LTO, Karachi are thorough professionals and it was reiterated that all their pending issues related to taxes shall be completed as per law accordingly.
Aman Ghanchi, Company Secretary, Unilever Pakistan Limited proposed that to better understand various business cycles and processes, workshops may be arranged so that the department would better understand the trade of the taxpayers for effective implementation of the policies of the Board. That would also help improve the taxation within the country.
Ehsan Malik, CEO, Pakistan Business Council also highlighted the exchange of industry notes by virtue of which old settled issues would not be repeated and resultantly there would be less pressure on the appellate side and precious time of the tax machinery as well as the businessmen would be saved.
The members of the PBC appreciated the efforts of FBR in effective implementation of the policies of Government of Pakistan in a very effective and efficient manner.