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July 24, 2020

RTO-II Karachi collection jumps 25pc in FY20

Business

July 24, 2020

KARACHI: Regional Tax Office (RTO) –II Karachi posted sharp growth of 25 percent in revenue collection during fiscal year 2019/20, despite the economic contraction that followed the novel coronavirus restrictions, official stats showed on Thursday.

The RTO-II Karachi collected Rs104.5 billion during fiscal year 2019/20 as compared with Rs83.65 billion in the last fiscal year.

Analysts termed it quite an achievement keeping in view the adverse impact of COVID-19 led economic slowdown on revenue collection during the last four months of last fiscal year and sluggish growth in early months of 2019/20.

The growth in revenue collection at national level was very nominal at 3.4 percent to Rs3,959 billion in 2019/20 as compared with Rs3,826 billion in the preceding fiscal year.

The RTO-II Karachi also achieved over Rs100 billion-mark for the first time since its establishment.

Another achievement by the RTO was an unprecedented surge in the collection during the month of June 2020, which was 40 percent higher than the preceding year as Rs8,537 million were collected in June 2020 as against Rs6,077 million during the same month in 2019.

Nazir Ahmad Shoro, Chief Commissioner Inland Revenue, RTO-II Karachi after taking over the charge of the office in the month of May 2020 had drawn an effective plan to boost the collection, which had started going down the hill due to the pandemic after March 2020.

Shoro focused on expeditious disposal of audit cases to accelerate the pace of collection during the remaining period of fiscal year 2019/20 which along with motivation to tax officers and officials, which helped the RTO-II cross the Rs100 billion collection mark during 2019/20, officials said.