ISLAMABAD, May 18: The collection of income tax on cash withdrawals from banks and immovable property recorded more than 60 per cent increase during the first nine months of the current fiscal year over the same period of last year.
Official figures released here by the Central Board of Revenue (CBR) showed that around 84.8 per cent growth has been attained in cash withdrawal as it stood at Rs3.262 billion as against Rs1.765 billion over the same period last year.
This indicates that doubling of rate has nearly doubled the collection from this source.
Similarly, revenue worth Rs1.6 billion has been generated through CVT on immovable property. And the doubling of rate of taxation on shares has resulted only in 12 per cent increase in revenue from stock market activities.
The levy of 15 per cent general sales tax on computers last year has helped the tax officials in generating additional revenue of Rs1.019 billion during the period under review.
