LTU Karachi posts 15% revenue collection growth
KARACHI: Large Taxpayers Unit (LTU), Karachi (the prime field formation of Federal Board of Revenue) has been successful to record half yearly growth at 15%. LTU Karachi has collected Rs.688 billion for the period from July to December, 2019 against Rs.598 billion for the corresponding period of last year recording substantial growth of 15%.
So far as December 2019 is concerned, LTU Karachi has collected Rs.160 billion against Rs.144 billion for the corresponding month of last year.
Besides showing phenomenal performance in revenue collection, LTU Karachi has introduced various tax facilitation and enforcement projects during last six months.
To effectively address liquidity concerns of manufacturing sector, Income Tax and Sales Tax refund issuance amount stood at Rs.17.8 billion during first six months as against Rs.7.8 billion during sale period of last fiscal year thereby registering 128% growth in settlement of genuine refunds.
In order to aggrandize national broadening of tax base exercise, 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. This effort has resulted into substantial increase in new tax filers.
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.
Pursuing FBR's proactive policy, various steps were taken for the purpose of early disposal of litigation cases pending with Honorable Courts. On this account, senior officers have been specifically deployed for assistance of Honorable High Court of Sindh for early disposal of cases.
Strong enforcement as well as on site monitoring of production has been steadily reinforced and this exercise has brought growth in revenues especially in sugar and cement sectors. Strong internal accountability mechanism has been strengthened at Chief Commissioner Secretariat, whereby activities of officers and staff are being personally monitored by the Chief Commissioner himself.