LAHORE: Punjab Revenue Authority (PRA) has collected Rs19.1 billion during the month of February 2024, which is 23% higher than Rs15.6 billion collected during the same period last year.
For FY 2022-23, the PRA exceeded its assigned target of Rs190 billion by collecting over Rs201.5 billion.
For 2023-24, PRA is assigned the target of Rs240 billion which is expected to be achieved through its multi pronged strategy of taxpayers’ facilitation and education, stakeholders’ inclusion, effective use of Information technology duly augmented by enforcement activities.
The PRA spokesperson said that PRA is currently contributing over 66% of the entire own source revenue of the province of Punjab through collecting Sales Tax on Services, Punjab Infrastructure Development Cess and Punjab Workers’ Welfare Fund.
The spokesman further added that the 23% growth in revenue collection seems promising despite economic uncertainty, elections and reduction in public sector spending. This reflects that the Authority is determined to achieve its assigned target as per the history of previous consecutive four years.
The major service sector revenue spinners during the current financial year are telecommunication sector, insurance, IT enabled or IT based services, courier services and franchise services.
Though a part of IT services like software development and educational institutions imparting IT education were exempted from the tax in September 2023, IT sector also showed 18% growth in revenue which reflected the effective enforcement by the officers of PRA.
Other important sectors posting growth during the current financial year are dress designing (183%), workshops for electric equipment (149%), cable TV operators (131%), architects and town planners (76%), Beauty parlors and beauty clinics (69%), Ride hailing services (65%) and property developers (65%). Besides growth in Sales Tax on Services, PRA also registers 67% growth in PWWF collection and 46% growth in PIDC during the current financial year.
Copyright Business Recorder, 2024
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