KARACHI, July 1: The Large Taxpayers Unit, Karachi, recorded 24 per cent growth in revenue collection at Rs162 billion during 2007-08 compared to Rs131 billion collected last year.

According to official figures the LTU collected Rs91.160 billion from income tax against Rs82.116 billion collected last year.

Major factors, which assisted in achieving high revenue collection, were creation of demand of Rs26 billion by the audit division compared to a demand of Rs5 billion created in the year 2006-07.

Similarly, recovery of Rs17 billion out of undisputed current and arrear demand as against Rs4 billion made last fiscal year showing good performance by the enforcement division.

The LTU collected Rs65 billion towards advance tax compared to Rs56 billion made last year.

The sales tax division of the LTU collected federal excise and sales tax to the tune of Rs71 billion as against Rs49 billion recorded last year, thereby showing a growth of 44 per cent.

In recognitions of the services and efforts made by LTU officers Member direct taxes FBR Usman Khalid Mirza, and Malik Bashir Ahmed, director general LTU, distributed appreciation certificates and awards.