KARACHI, July 12: The Large Taxpayers Unit (LTU), Karachi, collected a record Rs35 billion revenue in direct taxes during the fiscal year 2004-2005, exceeding the target by 25 per cent.

According to a senior official of the LTU here on Tuesday, the target for direct tax collection was set at Rs27.90 billion for the fiscal year under review. Besides, the LTU Karachi paid a record refund of Rs11 billion during the last fiscal year, he added.

The official said for the last three years, the LTU had been providing a top class service to taxpayers, including banks, multinationals, cement industry, automobile manufacturers and big public organizations.

He said gross revenue collection for this year stood at Rs46 billion, out of which collection out of current and arrear demand was Rs7 billion, while advance tax stood at Rs25.5 billion, withholding taxes at Rs6 billion and Rs5 billion along with the returns.

Furthermore, the LTU Karachi processed more than 900 refund cases during the last fiscal year, involving a sum of Rs11 billion. These included 440 cash refunds and 469 refund adjustments. This exercise was completed by ensuring minimum contact of the department with the taxpayers.

Similarly, in line with the policy of tax facilitation, 274 exemption certificates were issued to the taxpayers during the fiscal year.—APP