LAHORE, Nov 2: The Large Taxpayer Unit (LTU) in Lahore registered 229 per cent growth in the net collection of direct taxes during first quarter of FY07 as compared to the same period last year, LTU officials told reporters here on Thursday.

The officials claimed that the net collection of direct taxes by the LTU during July-September 2006-07 stood at Rs2.22 billion as against Rs674 million last year. The collection also surpassed the target of Rs1.65bn for the period under review by 34.5 per cent.

Collection of taxes under all heads in general and in advance tax and arrears in particular has been registered on a much higher side, whereas refunds amounting to Rs1.602 billion were issued during this period as against Rs376 million last year, showing an increase of 326 per cent, which is a record, they said.

The officials claimed that the LTU issued 359 exemption certificates under section 148, 152 and 153 of the Income Tax Ordinance against 247 certificates issued in the corresponding period of the preceding year.