LTU Lahore exceeds FBR’s tax collection target by 109pc

LAHORE: The Large Taxpayer Unit, (LTU), Lahore has collected Rs151.533 billion revenue in the first nine months of the ongoing fiscal year 2015-16, surpassing the target by Rs11.5 billion from the target of Rs142.270 billion.

According to the details available with The News, the FBR headquarter assigned Rs142.270 billion revenue collection target to the LTU Lahore for July-March FY16 against Rs116.442 billion in the corresponding period of FY15.

However, the LTU team, headed by the Chief Commissioner Ch Safdar Hussain, has collected Rs151.533 billion revenue during the first three quarters of the ongoing FY16.

Hussain said the LTU field officers were tasked to handle tax matters of major companies, which resulted in the collection of Rs151.533 billion, 109 percent of the
target fixed by the FBR for the Large Taxpayer Unit.

The LTU registered a phenomenal growth of 75 percent in income tax, and 18 percent in sales tax / FED collections as compared with the collection figures of the corresponding period of the previous fiscal.

The Large Taxpayer Unit has collected Rs50.625 billion income taxes, Rs87.417 billion sales tax, and Rs13.492 billion FED in nine months of the current fiscal, compared to Rs30.450 billion income tax, Rs74.546 billion sales tax, and Rs11.445 billion FED collected last fiscal.

The Large Taxpayer Unit has registered unprecedented revenue growth of Rs40 per cent alone in the month of March, which was appreciated by the Special Assistant to the Prime Minister for Revenue Senator Haroon Khan.

Khan in his letter, appreciated the efforts of Chief Commissioner, Large Taxpayer Unit, Lahore and his team, and has congratulated the LTU team for achieving a growth of around 40 percent in the month of March, 2016.

Chief Commissioner Hussain appreciated the LTU team too for putting in maximum efforts for revenue maximisation without compromising the idea of taxpayers’ facilitation. Optimum monitoring of withholding taxes, creation and collection of current demand and frequent stock taking/ premises visits under section 40B of the Sales Tax Act, 1990 have contributed towards overall performance of the unit.

He hoped that the LTU will maintain the collection trends in the coming months as well and achieve the targets fixed by the FBR for revenue collection.