RTO-II Karachi revenue up 46pc

KARACHI: The Regional Tax Office (RTO) –II Karachi has posted significant increase of 46 percent in revenue collection in the first month of the current fiscal year owing to massive growth in collection of withholding tax.

The sources on Tuesday said the office collected Rs9.794 billion in July 2019 as compared with Rs7.35 billion in the same month of last year. RTO also surpassed the monthly target of Rs9.784 billion, which was 46 percent higher than the target assigned in the same month last year.

Major collection from withholding tax payments grew by 47 percent to Rs8.83 billion during July 2019 as compared with Rs6.034 billion in the same month of the last year. Net collection of income tax posted 46 percent growth to Rs9.08 billion in the first month of current fiscal year as compared with Rs6.1 billion in the same month of the last year.

Sales tax collection of RTO-II posted 17 percent growth to Rs715 million in July 2019 as compared with Rs612 million in the same month of the last year. The government has assigned revenue collection target of Rs5,550 billion for fiscal year 2019/2020. However, the FBR collected Rs3,830 billion in fiscal year 2018/2019. The FBR is required to collect 44 percent higher revenue collection in the current fiscal year to meet the revenue collection target.