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RTO Karachi’s direct tax collection up 35%

KARACHI: The Regional Tax Office (RTO) Karachi of Federal Board of Revenue (FBR) has witnessed 35 percent growth in the direct tax collection during July to October 2008 as compared to corresponding period of the pervious fiscal year.

According to the provincial statistics made available to Daily Times on Monday, the RTO Karachi has collected revenue of Rs 30.926 billion on the account of direct taxes in the first four months of the current financial year 2008-09, while it amassed Rs 22.992 billion in the same months of last fiscal year 2007-08. On year-on-year terms, the RTO Karachi has recorded significant increase of 51 percent as it received Rs 8.0321 billion in October 2008 as against Rs 5.321 in October 2007.

Tax officials in the RTO told that the pace of revenue growth has increased in the previous month as the massive department has collected tax with returns coupled with the revenue received through Areas Settlement and Investment Schemes of the FBR. Officials claim that the effective monitoring of withholding tax has been strict in the jurisdiction by RTO, as the board-in-council has revised upward its target at Rs 1,358 billion for 2008-09. They added that the board will also review the target of its regional taxes department including RTO Karachi which it can easily achieve if the current pace of revenue collection continues in the remaining month of the fiscal year. staff report

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