LAHORE: The Large Taxpayer Unit Lahore will not achieve target of second quarter of current fiscal year due to cuts in oil prices.
Sources said the Federal Board of Revenue (FBR) had assigned the LTU to achieve Rs 55 billion target in the second quarter. The target for December is Rs 24 billion. They added that decrease in oil prices has affected the revenue generation target.
They said that Pak-Arab Refinery Limited (PARCO) was a major contributor to tax collections. They said almost 55 percent of the revenue for the LTU Lahore was received from PARCO, adding that the decline in oil prices created hurdles in achieving the target. Officials said the government has given relief to public by reducing the prices but its impact will be gauged over tax collections.
FBR Chairman Tariq Bajwa had visited the regional tax offices and LTU in the first week of December and urged officials to achieve the targets. He had also directed all authorities of the regional offices to expedite the collection of taxes.
In the first quarter of the current fiscal year, the LTU Lahore could only collect 70 percent of the target due to floods and PARCO’s closure for almost 15 days.
Following the instructions of the FBR chairman, the LTU Lahore authorities had issued direction to collect the taxes as much as possible.
