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The Large Taxpayer Office (LTO) Karachi has achieved a new milestone in tax collection, reporting a 20 percent increase in tax receipts compared to the same period last year.
As per media reports, in the first five months of the fiscal year 2024-25, LTO Karachi collected Rs 1,110 billion in taxes, up from Rs 924 billion during the same period in 2023.
The direct tax collection saw a 20 percent rise, reaching Rs542 billion, compared to Rs451 billion last year. The office also issued Rs 47 billion in refunds over this period.
Meanwhile, the sales and indirect taxes grew by 18 percent, totaling Rs 494 billion, compared to Rs 420 billion in the previous fiscal year.
The rise in local transactions contributed significantly to the increase, with sales tax collection jumping 30 percent to Rs 203 billion.
However, the collection of import sales tax faced challenges due to a drop in import bills, according to media reports.
In total, LTO Karachi, often referred to as the ‘Mini FBR,’ collected Rs 1,160 billion in taxes during the first five months of the fiscal year 2024-25.
Source: ARY News
