Regional Tax Office (RTO), Islamabad has registered a growth of 32% in collection of Inland Revenue Taxes during July-December (2019-20) and the Large Taxpayer Unit (LTU) Karachi has reported a growth in revenue collection of up to 15% as compared to the previous year.
The growth comes in after Regional Tax Office’s (RTO) major focus on market survey of the federal capital, registration of retailers and other trading sectors, enforcing filing of income tax returns by owners of immovable properties and sales tax collection from the services sector.
The thriving growth in the IRS Revenue Collection was achieved by the Regional Tax Office, Islamabad by complying with the policy measures of the FBR.
According to the data compiled by the RTO Islamabad, it has exhibited substantial and satisfactory improvement in domestic taxes in the Federal IRS Revenue Collection (i.e. Income Tax, Sales Tax, Federal Excise tax) depicting overall 32 percent net growth by collecting Rs. 59.58 billion IRS related taxes during the first six months up to December 31, 2019 of the current fiscal year 2019-20 as compared to collection of Rs. 45.17 billion during the corresponding period.
The collection of Sales Tax up to December 2019 was Rs. 16.02 billion which is 74% higher with an incredible increase of Rs 6.8 billion than the collection of Sales Tax made up to December 31, 2018 which was Rs. 9.22 billion.
Similarly, Federal Excise Duty (FED) collection up to December 2019 was Rs 1.03 billion which has been decreased to the tune of Rs. 130 million against the collection of Rs 1.16 billion made up to December 2018 due to a reduction of FED on air tickets.
The tax collected under the Income Tax up to December 31, 2019 was Rs 42.53 billion which is 22% higher with an increase of Rs 3.92 billion than Rs 38.61 billion made up to December 31, 2018.
Large Taxpayer Unit Karachi
Large Taxpayer Unit Karachi has been successful to record half-yearly growth at 15% after revenue collections of up to Rs. 688 billion in July-December 2019 against Rs. 598 billion for the corresponding period last year.
The unit collected Rs. 160 billion against Rs. 144 billion for the corresponding month last year. According to the statistics, LTU collected additional revenue of Rs. 90 billion between July-December 2019.