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RTO Karachi direct taxes up 21% in Oct

KARACHI: Regional Tax office Karachi (RTO) direct tax revenue earning has improved as its monthly collection of October recorded 21 percent growth against the revenue collected in the same month last year.

The data obtained from RTO Karachi, said that direct tax collection increased to Rs 9.730 billion in October 2009 as against Rs 8.031 billion collect in the same month last year.

These are encouraging numbers given the prevailing sluggish economic situation when both the imports and exports have declined and the forecast for the economy remains gloomy on the prevailing security situation.

This collection made the overall collection position into positive trend because the four months—July to October—direct tax revenue earning witnessed two percent modest growth in the current fiscal year as compared with the same period of last year.

Tax through goods import, salaried class, profits on debt, transport sector, prize bonds, petroleum products and other miscellaneous heads have contributed significantly to boost the revenue of the department.

The revenue under imports showed 66 percent growth with Rs 4.249 billion share in the overall collection of October. The tax rate in this sector has increased to 4 percent in the recent budget as compared to 2 percent last year therefore it posted healthy growth.

Even one of the major head, salaried class, has shown its contribution shrinking. In its various slab of salaried class, RTO Karachi received Rs 921 million, which is a decline of 18 percent as compared with the last year.

In the last fiscal year, RTO Karachi tax revenue has squeezed noticeably owing to prevailing economic situation of the country. However, it has picked up its growth pattern in the last couple of months, which may help to achieve the set target of Rs 138 billion.

In Jul-Oct 2009, RTO Karachi received Rs 31.527 billion as compared with Rs 30.926 billion same period last year. staff report

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