RTO Karachi collects 56pc above January target

KARACHI: The Regional Tax Office (RTO) –I Karachi has posted a phenomenal growth in revenue, as it collected 56 percent above the assigned target for the month of January 2021.

According to the collection figures made available on Thursday, the tax office was assigned Rs8.33 billion target for the month. However, it collected 156 percent or Rs13 billion against the assigned target.

The collection of income tax was at Rs12.5 billion against the target of Rs7.85 billion for the month under review. Similarly, the tax office managed to collect Rs544 million above the target of Rs500 million.

The total collection for the period July-January 2020/2021 recorded 15 percent growth to Rs67.33 billion as compared with Rs58.65 billion in the corresponding period of the last fiscal year.

Sources at the tax office said that the RTO-I Chief Commissioner Inland Revenue Nazir Ahmed Shoro had instructed the officials to ensure compliance of income tax return filing and recovery of outstanding amount.

The efforts resulted in unprecedented growth of 261 percent in revenue collection from audit exercise. The tax office collected Rs402 million through creation of tax demand during first seven months of the current fiscal year, as compared with Rs109 million in the corresponding period of the last fiscal year.

Similarly, tax collection with returns registered 44 percent growth to Rs2.57 billion during July-January 2020/2021, as compared with Rs1.78 billion in the corresponding period of the last fiscal year.

Sources said that after ease in coronavirus restrictions and return of normalcy in industrial and commercial activities, revenue collection would further increase in coming months.