KARACHI, June 3: The Large Taxpayers Unit (LTU) Karachi expects to collect Rs42 billion by the end of current fiscal on June 30, 2006, which will be 20 per cent higher than the collection of last fiscal year.

The unit during July-May 2005-06 collected around Rs35 billion, which was equal to total collection last fiscal year.

LTU director general Malik Bashir Ahmed stated this during meeting with a delegation of Bangladesh civil servants who visited the LTU on Friday.

The DG LTU briefing the delegation said that the government’s consistent and proactive economic policies and good governance had restored the confidence of taxpayers and promoted voluntary compliance.

“It indicates that stakeholders have reposed their confidence in the reformed tax system and fiscal policies of the government,” he added.

Mr Bashir disclosed that up to May 31, 2006, the LTU paid refunds up to Rs10bn, whereas an identical amount was paid during the entire tax year of 2005.