The Large Taxpayer Unit (LTU) Lahore has shown a remarkable performance in revenue collection by achieving the budgetary targets of whole year (2006-07) in a record period of six months, which is a rare example.
The LTU has collected Rs 8859 million revenue in first six months of 2006-07 against the whole year's target of Rs 8000 million and last year's Rs 6000 million. Comparative results for the first half of the year 2006-2007 reflect an increase by 527 percent over the six-month target.
This is a rare example in the history that the LTU has met whole year's collection target in just six months. This milestone is achieved despite the fact that quantum of refunds issued this year is higher by 44-percent, LTU Lahore Director General, Omer Farooq told media persons at a news briefing, here on Monday.
This marvellous achievement has been made possible by efficiency of officers and other staff, who worked with full responsibility and dedication, liquidation/issuance of refunds, liberal issuance of exemption certificates as well as positive economic performance of some sectors, he claimed.
This year, the LTU has issued 316 exemption certificates as compared to 184 of the last year, he added. In last couple of years, the LTU achieved all targets of three levies ie, Income tax, sales tax and federal excise duty, he pointed out. In last two years, income tax collection has shown 26-percent increase, he said.
Regarding indirect taxes, he said, under the head of sales tax, an amount of Rs 150,98.5 million had been collected in six months as against the target of Rs 151,24 million, showing a growth of 29.31 percent. While federal excise duty collection has shown 35 percent growth in revenue collection which amounted to Rs 2587.1 million in the first six months as against the target of Rs 1906 million, increasing by 35.71 percent.
About LTU's performance in collection of arrears, he said this year so far Rs 1300 million had been cleared as compared to last year's Rs 2500 million. To a question about audit, he said that research audit of paper, leather sectors and Honda Cars had been completed in which tax amount of Rs one billion had been identified.
Moreover, the audit of 15 large sectors is in progress in which Wapda is the biggest one in terms of employed workforce after Pakistan Army, he said. Wapda contribution to revenue is 60 percent. SNGPL and Railways are the other major contributing sectors. Banks and DFIs share is 46 percent and their contribution comes to Rs 4.1 billion this year as compared to last year's Rs 1.3 billion reflecting a 193 percent growth.
Similarly, Petroleum sector whose share is 40 percent contributed Rs 3564 million this year as opposed to last year's Rs 126 million.
Other sectors, whose audit is underway, are SNGPL, M/s Genertech Pakistan Ltd, Pak Hero Industry, Saigols Qingqi Motors Ltd, Pakistan Cycle Ind, Co-operative Society Ltd, FMC United Ltd, Zamir Sons Petroleum Ind, Ltd, Samsol International, Haseeb Waqas Engg Ltd, Warble Ltd, Welcon Chemicals, Asian Foods Industries, Bata Pakistan and Treet Corporation Ltd.
To a question, DG LTU pointed out that tax amount of Rs 1.25 billion was recoverable from the sugar sector, which would be received when their stuck up stocks were released/cleared. "However, so far we have received Rs 120 million tax from this sector."
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