KARACHI: The Regional Tax Office Karachi has surpassed its revenue target for the month of July 2020 12.50 percent as it collected Rs 10,134 (m) against the assigned target of Rs9,007 (m) thus collection Rsl,127(m) over and above the target.
The above expectation performance of the RTO is reflective of the resurgence in economic activities during July 2020 after months of economic slowdown due to Covid-19 which had created a challenge to tax collection.
The improved performance of RTO-II Karachi is also attributed to the strategy drawn by the Chief Commissioner and his team during the month of June 2020 which helped it not only achieved a robust growth rate of 42 percent during closing month of the last tax year but also reap its benefits in the very first month of the current tax year.
The strategy focused on major revenue spinners like vigilant real time monitoring of withholding taxes, sales tax and timely disposal of audit cases. The Federal Board of Revenue, in a major policy shift, has assigned monthly, quarterly and annual targets to all RTOs and LTUs at beginning of the current year departing from the practice of assigning & separate monthly targets during each month which were received by RTOs/LTUs by around 10th of the every month.-PR
Copyright Business Recorder, 2020
Comments
Comments are closed for this article.