Saturday, January 10, 2009

RTO Karachi direct tax revenue up 34% in 1HFY09

The Regional Tax Office (RTO) Karachi posted 34 percent growth in collection of direct tax revenue during the first half of the current fiscal year 2008-09. According to the provisional figures made available to Daily Times on Friday, the tax department summed up Rs 52.423 billion direct taxes during July-December FY09 as against Rs 38.968 billion in the same period of FY08. In December alone, the tax office has also witnessed 52 percent growth with Rs 13.817 billion tax collection as compared to Rs 9.109 billion in the previous fiscal year.

Tax officials in the RTO told that collection of direct taxes through various schemes particularly Tax Amnesty Scheme (TIS) contributed a significant share to the overall half yearly collection. Also, the two percent uniform direct tax on imports has made a healthy raise in this reported tax collection despite the decrease of imports in the last few months. But, the depreciation of local currency has minimised its impact.

Previously, this withholding tax was received at various rates in previous year. FBR board-in-council has set Rs 127 billion direct tax target for RTO. Therefore, it has to collect more than Rs 74 billion in the rest of the half fiscal year. Official also told that the auditing campaign of taxpayers will result in generation of healthy revenue in the remaining month.

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