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ISLAMABAD: All companies having annual turnover of Rs1 billion or more, within the territorial jurisdiction of Multan and nearby areas, would be transferred to the new Large Taxpayer Office (LTO) Multan.

President Arif Alvi has given approval of the creation of Large Taxpayer Office (LTO), Multan, and Corporate Tax Office (CTO), Islamabad.

The total number of the LTOs would now stand four, ie, LTO Karachi-I, LTO Lahore, LTO Islamabad, and proposed LTO Multan.

In this regard, the FBR has issued two letters to the concerned authorities here on Friday.

The FBR officials told Business Recorder that the criterion for transferring a unit or company to the LTO was turnover of Rs1 billion or more in any of the last three years.

These units falling within the said benchmark would be transfused to the LTO Multan.

The LTO Multan would cover the units such as sugar mills and fertiliser companies of Multan, and located in the adjacent areas.

Presently, sugar mills and fertiliser companies of Multan are assessed at the LTO Lahore.

Following the transfer of jurisdiction of these units from the LTO Lahore to LTO Multan, these fertiliser and sugar units may be assessed at the LTO Multan.

The Federal Board of Revenue (FBR) on Friday wrote letters to the Accountant General, Pakistan Revenue, Islamabad, Accountant General, Pakistan Revenue, Islamabad Deputy Accountant General, Pakistan Revenue, Lahore, and District Accounts Officer, Multan.

The FBR's letter to the Accountant General, Pakistan Revenue, Islamabad Deputy Accountant General, Pakistan Revenue, Lahore and District Accounts Officer, Multan said: "FBR convey the sanction of the President for the Establishment of Large Taxpayers Office (LTO), Multan within the existing sanctioned strength and Budget Grant during the fiscal year 2020-21 with immediate effect. This issues with the approval of Secretary Revenue Division/Chairman, FBR."

The FBR's letter issued to the Accountant General, Pakistan Revenue, Islamabad stated, "FBR convey the sanction of the President for the Establishment of Corporate Tax Office (CTO), Islamabad within the existing sanctioned strength and Budget Grant during the fiscal year 2020-21 with immediate effect."

Copyright Business Recorder, 2020