ISLAMABAD: Regional Tax Office Islamabad has chalked out a comprehensive strategy to use the third party data available from various sources and data gathered through market committees for broadening of the tax base and generating additional revenue during 2020-21.
According to the details shared by the RTO Islamabad with the Federal Board of Revenue (FBR), the task of achieving the revenue targets of tax segments for the FBR as well as for the RTO, Islamabad remained challenging in the preceding financial year 2019-20 due to disruption in economic activities caused by the pandemic exacerbating an already existing crisis.
The steep tax targets set for the Regional Tax Office, Islamabad became impossible to achieve after the sharp fall in economic growth, however, the executive team of RTO, Islamabad specifically the Commissioners-IR, Additional Commissioners-IR, Deputy Commissioners-IR and other zonal officers under the command of Dr. Shamsul Hadi, Chief Commissioner-IR, RTO, Islamabad took the challenging task of achieving the steep revenue target collection on war footings by focusing on the task with dedication and taking diligent administrative steps, implying effective tax monitoring efforts.
The role and co-operation of the taxpayers under jurisdiction of RTO, Islamabad like IESCO, ICCI etc in achieving the revenue targets cannot be ignored. The complaints of the taxpayers especially through PMDU/PCP portals were given special attention and the same were redressed in the shortest possible time line. The valuable suggestions of the taxpayers were particularly considered with an open mind as guiding line to improve the tax facilitation services to the taxpayers, RTO Islamabad said.
Despite the pandemic impediments, the officers and staff of Regional Tax Office, Islamabad not only achieved the assigned budgetary target for the month of June, 2020 but also surpassed the same with enthusiasm and full passion.
During this period of Covid-19, RTO, Islamabad crossed the tax collection figure of Rs. 100 billion with final total stood at Rs. 113.5 billion showing growth of 20 percent vis-à-vis last financial year with cumulative increase of Rs. 20 billion over & above the last year IRS collection.
The Regional Tax Office, Islamabad has exhibited substantial & satisfactory improvement in domestic IRS Tax collection (i.e. Income Tax, Sales Tax, Federal Excise Tax) depicting overall 20% net growth by collecting Rs. 113,523 million IRS related taxes upto June, 2020 of the last fiscal year 2019-20 as compared to Rs. 95,662 million during 2018-2019.
Collection of Sales Tax upto June, 2020 remained Rs. 29,325 million which is 60% higher with a satisfying increase of Rs. 10,963 million as compared to Rs. 18,362 million upto June, 2019.
Income Tax collection up to June, 2020 was Rs. 82,613 million which is 31% higher with an incredible increase of Rs. 19,388 million as compared to Rs. 63,225 million upto June, 2019.
Despite tough economic conditions, professional workforce of FBR is further determined to take on the tough challenges in the volatile economic scenario and will do utmost to reach the expectation levels of all the stakeholders.
For financial year 2020-21, Regional Tax Office, Islamabad has devised a comprehensive strategy to use the third party data available from various sources and data gathered through market committees for broadening of the tax base and augmenting the revenue collection. Further, comprehensive revenue
generation plan has been devised by taking all the stakeholders on board for liquidation of pending audit cases pertaining to various years which will add to the revenue generations/collections.
Specialized monitoring teams have been constituted to monitor the withholding tax regime with focus on priority areas which will add to revenue collection in the current financial year.
The Revenue team of the Regional Tax Office, Islamabad has been mobilized from the word 'Go' to achieve the targets despite the heavy impact of Covid-19 pandemic, RTO Islamabad added.
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