KARACHI, July 5: The Large Taxpayers Unit (LTU) Karachi has made a record revenue collection at Rs569 billion during out-going fiscal ended on June 30, 2011. However, the unit expects revenue collection to touch Rs585 billion because collection and realisation of receipts were still going on, sources said.

The LTU Karachi is the largest field office of the Federal Board of Revenue (FBR) and meets around one third of the revenue budget of the federal government. According to details the LTU Karachi was initially given a revenue target of Rs542 billionbut the same was revised upward to Rs568 billion only two weeks before the close of the fiscal 2011.

Consequently, the revenue collection which surpassed the target by more than Rs1 billion, stood higher by 21.2 per cent at Rs569 billion against Rs470 billion recorded in last fiscal.

The challenge of higher revenue collection target by Rs26 billion over the original target of Rs542 billion given in the last two weeks was surmounted by a dedicated team of field officers and the chief commissioner by strictly monitoring the withholding tax and creation of tax demand.

Sources said that the LTU during last fifteen days of out-going fiscal year created a huge tax demand of Rs16 billion towards sales tax and federal excise duty and managed to collect Rs4.5 billion.