Karachi: The city’s Regional Tax Office (RTO)-II revealed statistics that indicated a growth in tax revenue generated in July. The data showed that there was a 42% increase in taxes collected during the first month of the fiscal year 2020-21.
Officials said that the reason behind the increased tax revenue was the resumption of economic activities following the government decision to ease the coronavirus lockdown in the city. They added that RTO-II collected PKR 10.134 billion in July as compared to PKR 7.12 billion generated during the same month in the previous fiscal year. They highlighted that the tax office also surpassed the target of PKR 9 billion set for month.
The tax office also issued a statement appreciating the performance of RTO-II Karachi Chief Commissioner and his team during June to achieve these results in the very first month of the new fiscal year.
Sources said that the tax office was focused on major tax revenue spinners, including real-time monitoring of withholding tax, sales tax, and timely disposal of audit cases. They added that FBR’s changed policy on providing monthly, annual, and quarterly targets at the start of the current fiscal year – instead of providing them at the start of each month – also allowed tax offices to strategise ahead of achieving the overall target. They highlighted that following July’s growth, RTO-II was confident in achieving its quarterly and annual targets.