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FBR may revise revenue target of LTU Lahore

FBR may revise revenue target of LTU Lahore

LAHORE: The Federal Board of Revenue (FBR) Large Taxpayer Unit (LTU) Lahore may not be able to achieve the target set for the third quarter of the current fiscal year.

As per details, the LTU Lahore has been assigned Rs 53 billion target for the third quarter (January-March). Sources said there were different factors like cut down in oil prices and decline in income of companies, etc, were creating hurdles for the department in achieving the set target. They added that the FBR may revise the target of the LTU as the revenue target of the FBR has been decreased to Rs 2.69 trillion from Rs 2.81 trillion.

It is important to mention that the LTU Lahore could only achieve 70-75 percent of the target during the first two quarters of the current fiscal year due to high cut in oil prices.

Sources said that the Pak-Arab Refinery Company (PARCO) was a major contributor to tax collections. They said almost 55 percent of the revenue for the LTU Lahore was received from PARCO, adding that the decline in oil prices created hurdles in achieving the target.