KARACHI, Aug 28: The Sindh Excise and Taxation Department begins the current fiscal year on a highly optimistic note as its actual recovery of various taxes in July 2007 exceeded by one per cent of the proportionate target.

Actual recovery of various assigned taxes to the department in July amounted to Rs818.79 million as against proportionate target of Rs809.82 million.

“The actual recovery is Rs930.16 million if we take into account the bank guarantee of Rs111.36m offered against Infrastructure Cess,” Mr Muhammad Asif Marghub Siddiqui, Director General of the department, disclosed in a briefing.

Total tax recovery target for the department in the current fiscal is Rs9.72 billion. In 2006-07 the total tax recovery amounted to Rs8.66 billion as against a target of Rs8.10 billion.

The department recovered in July 2007 Rs254.88 million motor vehicle tax, Rs124.80 million excise duty, Rs395.23 million infrastructure cess, Rs33.68 million professional tax, Rs10.04 million hotel tax, Rs0.14m cotton cess.

The collection of property tax during July amounted to Rs259.43 million while Rs3.13 million was collected as entertainment.