Large Taxpayers Unit Karachi posts 15% revenue collection growth

KARACHI: Large Taxpayers Unit (LTU), Karachi has been able to record growth at 15% in the seven months of current fiscal year (July-January 2019-20).
LTU Karachi has collected Rs.796 billion for the period from July 2019 to January 2020 against Rs.690 billion for the corresponding period of last year recording growth of 15%.
So far as January 2020 is concerned, LTU Karachi has collected Rs.108 billion against Rs.92 billion for the corresponding month of last year.
To effectively address liquidity concerns of manufacturing sector, Income Tax and Sales Tax refund issuance amount stood at Rs.31 billion during first seven months as against Rs.22 billion during same period of last fiscal year thereby registering 42% growth in settlement of genuine refunds.
Strong enforcement as well as on site monitoring of production has been steadily reinforced and this exercise has brought growth in revenues especially in oil & gas, sugar and cement sectors.
Besides, during the month of January, current and arrear demand has been recovered at Rs.2.7 billion against Rs.2.5 billion for the corresponding month of last year.
Furthermore, various tax evasion and tax avoidance cases have been detected, which are under investigation and substantial tax collection is expected during the coming months of current fiscal year.
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