Karachi: The Large Taxpayer Office (LTO) has collected PKR 1. 0034 trillion in the first eight months of the fiscal year (FY) 2021-22, news sources reported. The amount collected is 8.2 % higher than the target set for the period.
Read: FBR surpass tax collection target in 8MFY-22
According to reports, the government had set a total tax collection target of PKR 920 billion for the first 8 months of the FY 2021-22, which LTO exceeded by PKR 83 billion. The news source further revealed that in the same period last year, the LTO collected PKR 692.680 billion, which is 45% less than what is collected this year. Similarly, LTO exceeded its February’s tax target by PKR 2 billion and collected PKR 107 billion against the set target of PKR 105 billion.
According to reports, the FBR has established Karachi’s first completely automated Point of Sale (PoS) control room to encourage shops and enterprises to participate in tax collection process. The control center will aid in increasing compliance, monitoring daily tax collections, and resolving complaints related to the city’s non-POS tier-1 merchants.
Read: FBR revises down valuation rates of immovable property
It is pertinent to mention here that Karachi is Pakistan’s largest tax-paying metropolis, accounting for most of the FBR’s overall revenue targets. For the same reason, the FBR has concentrated primarily on Karachi to enhance tax collections this year.