LAHORE: The Regional Tax Office (RTO) Lahore has achieved revenue collection target for the 3rd quarter of the current fiscal year, collecting Rs 20.74 billion in March 2022 as compared to Rs15.7 billion in March 2021, registering an increase of 32 % Year on Year (YoY).

Chief Commissioner RTO Nasir Iqbal has appreciated hard work, commitment and professionalism of the RTO team and encouraged them to keep the momentum going in the fourth quarter of the fiscal year.

It may be noted that the Federal Board of Revenue (FBR) had set a target of Rs 21.11 million for the RTO Lahore. The Chief Commissioner said the RTO has yet to receive revenues from other sources and expressed the hope that the target would be achieved.

So far as the Point of Sale (PoS) integration drive is concerned, he said, the RTO has also maintained an impressive growth in this regard. The campaign, which included awareness, education, facilitation, enforcement through 40-B, penalties and recoveries from defaulting Tier-1 Retailers, has resulted in an upward trend with 52 integrations in December 2021 to 76 in January 2022, 112 in February 2022 and 120 in March 2022.

The RTO Lahore has the distinction of being the only field formation having integrated more than 100 retailer in two successive months. On the recovery front, the RTO has recovered Rs9.2 million through penalties from defaulting Tier-1 retailers and Rs17.5 million on account of arrears during March 2022.

Copyright Business Recorder, 2022