Karachi: The Regional Tax Office (RTO)–II in Karachi has registered an unprecedented growth rate of 42% in its revenue collection for the first two months of the current fiscal year (2019-20); with the recorded revenue collection amounting to almost PKR 19 billion – according to the news sources.
Previously, the Federal Board of Revenue (FBR) had directed the tax office to collect PKR 18.78 billion in terms of revenue during the said months.
The figures for last tax years show that the office collected PKR 13.2 billion in the July-August period. The officials of RTO-II attributed this spike in revenue generation to the revised tax rates introduced in the budget 2019/20 and the improved measures of broadening tax basis. The officials admitted to the launch of an aggressive drive to force tax evaders in the tax net.
The source reported that RTO-II conducted an analysis on the withholding tax deductions information – gathered from withholding agents to reach the high-net-worth individuals with expensive transactions.
Moreover, the collection stats of the RTO-II reported 44% growth in income tax collection (PKR 15.57 billion) for the July-August period of this tax year; showcasing an increase of PKR 3 billion as compared to the PKR 12.18 billion collections made during the corresponding period of the last fiscal year.
Similarly, the sales tax collection for these two months is registered at PKR 1.23 billion, as compared to the last year’s PKR 1.02 billion collections for the same period.