LAHORE: The Large Taxpayer Unit (LTU) Lahore has been assigned almost 70 cases for audit through random computer selection.
On the other hand, the LTU could not meet the set target during the first quarter of the current fiscal year.
Sources told Customs Today that the LTU failed to meet the target until Monday. They said that the LTU faced deficit in sales tax, income tax and federal excise duty. They added that floods, political unrest and power shortage affected the country’s economy badly which caused reduction in revenue collection. Sources said that the LTU collected less revenue from textile sector as the industry’s exports declined to 13 percent due to the power shortage in the first quarter of current fiscal year.
On the other hand, oil and gas sector also faced a decline due to the prevailing political impasse that caused a fall in tax collection.
