Karachi: The Regional Tax Office (RTO) – II of the Federal Board of Revenue (FBR) has reported a 24% increase in the revenue collected during the first half of the current fiscal year (FY2019-20), according to news sources.
The office collected PKR 51.17 billion in revenue in the said six-month period (July-December 2019) as compared to the PKR 41.34 billion collected in the last year’s corresponding period.
According to reports, the tax office witnessed 62% decline in its revenue collected under the heads of cash withdrawal from the banks. Through the Finance Act 2019, the withholding tax on cash withdrawal was limited to people who were not registered on the Active Taxpayers List (ATL).
Another element that impacted the revenue collection was the decline in the sales of locally assembled cars.
Further,
RTO-II Karachi’s efforts to broaden the tax base yielded 44% increase in tax
return filings for the year 2019. The office received 121,300 returns so far,
as compared to the 84,100 income tax returns collected during the year 2018.
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
