‘Tax net to be widened in next budget’: RTO Karachi

[Naveed Yaseen]

KARACHI: Agriculture, real estate and other non-taxable sectors would be included into tax net in next budget, Director General Regional Tax Office, Karachi Asrar Raouf said.

The tax base will be widened and non-compliance by current taxpayers would also be rooted out.

He said this while talking to journalists at Karachi Chamber of Commerce and Industry after his meeting with KCCI members.

He clarified the food crops which are included in essential commodities such as rice, wheat, sugarcane and cotton would be exempted from all sorts of the taxes in finance bill.

“The tax revenue target is not achievable due to sluggish economic activity and less than 3 percent expected GDP growth,” he lamented.

“In the first 9MFY 2008-09 Rs 899 billion tax revenue has been achieved, witnessed 18 percent increase as compared to last year of Rs 763 billion,” he informed, adding that RTO Karachi has been at top as it has achieved Rs 79 billion first 9MFY as against its target of Rs 115 billion.

The tax revenue target for the next fiscal year would likely be Rs 1500 billion as compared with Rs 1360 billion current year.

Referring to import record of edible oil, he pointed out data of custom and said that the oil has been imported by the mills more then their required capacity. The department will examine stores, he added. staff report

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