MULTAN: The Federal Board of Revenue’s (FBR) Regional Tax Office (RTO) Multan has collected RS 50 million as income taxes from the contractor of the Metro Bus Project, newly launched project in Multan.
The project of Metro Bus service is under construction in Multan city after making it functional in Lahore and Multan by the Punjab government.
On the other hand, officials termed this project helpful for the RTO Multan to achieve set revenue target of current fiscal year as it has received Rs 50 million in wake of tax from the contractors so far, while it is expected that more taxes would be received overtime till the completion of the project.
The RTO is collecting taxes on material and machinery being purchased by the contractor for this project as well as on its services.
It is important to mention here that RTO Multan has surpassed the income tax target by 30 percent in May, 2015 due to a chunk from Metro Bus Project.
As a whole, it is facing a shortfall of Rs 5 billion in achieving its target for current fiscal year 2014-15.
