News Paper: Business Reorder
The collection made on account of profit on debt from banks and other securities were stood at Rs 6.48 billion and Rs 878 million, respectively, depicting some 39 percent and 35 percent growth in FY 2009-10. Similarly, the department has accumulated Rs 1.467 billion during July 2009 to June 2010 period against dividend income, which was collected at the rate of 10 per cent under section 150 of the Income Tax Ordinance 2001, showing 112 percent growth comparatively to the collection of Rs 692.73 million made in FY 2008-09.
The statistic further said the Karachi RTO has witnessed 23 percent growth on account of direct taxes as Rs 125.12 billion was collected during FY 2009-10, surpassing the collection of FY-2008-09 by Rs 23.66billion. The phenomenal growth was witnessed in some other heads; 53 percent in rentals, 38 percent in prize bonds, 14 percent in withdrawal from banks, 127 percent in the commission on advertising agents, 27 percent in indenting commission in foreign exchange and 881 percent in miscellaneous.
Furthermore, the collection made from returns and advance tax has shown 19 percent and 52 percent decline respectively during last fiscal year. In the same way, the negative trend in revenue collection persists in several other accounts, including out of demand, arrear demand, current demand and minimum tax payments.
When contacted, official sources, said although the budgetary target of RTO was unrealistic, the department has managed to achieve it successfully because of effective monitoring. They further said the Karachi RTO has also surpassed the budgetary target of indirect taxes by collecting Rs 18.884 billion on account of sales tax and Rs 2.48 billion in the head of federal excise duty during FY 2009-10
-www.brecorder.com
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