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LTU posts 15pc growth during seven months of FY20

LTU posts 15pc growth during seven months of FY20

KARACHI: Large Taxpayers Unit (LTU) Karachi has registered 15 percent growth in revenue collection during first seven months of current fiscal year, a statement said on Monday.

The LTU Karachi said that it had collected Rs796 billion during July – January 2019/2020 as compared with Rs690 billion in the corresponding period of the last fiscal year.

The unit collected Rs108 billion during January 2020 as compared Rs92 billion collected in the corresponding month of the last year.

The payment of refunds including income tax and sales tax has increased by 42 percent during the period under review. The unit paid Rs31 billion as refunds during first seven months of current fiscal year as compared with Rs22 billion in the corresponding months of the last year.

The unit attributed the collection growth to strong enforcement as well as on site monitoring of production of various sectors including oil, gas, sugar and cement.

Further, 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, the unit said.

Besides, during the month of January, current and arrear demand has been recovered at Rs2.7 billion against Rs2.5 billion for the corresponding month of the last year.