LAHORE: The Punjab government has surpassed the upward revised sales tax on services target of Rs.165.5 billion for the financial year 2021-22.
According to provisional collection figures up to the 28th of June, 2022, the collection by Punjab Revenue Authority (PRA) stands at Rs.168 billion, which is 108% of the original target of Rs.155.9 billion and 101.5% of the revised target. The Authority expects substantial revenue in the last two days of the financial year and is hoping to end the year close to Rs.170 billion.
It is worth mentioning that earlier this year the PRA became the first provincial revenue collecting agency in the country to cross the psychological barrier of Rs.150 billion and the collection in June has further established it as the leading provincial revenue collecting agency in the country. This is the third successive year in which the PRA has surpassed its revenue collection target. Earlier the Authority collected more than the assigned targets of Rs.105 billion and Rs.125 billion in the financial years 2019-20 and 2020-21 respectively.
The PRA spokesperson further elaborated that this success has been achieved without resorting to any coercive actions such as sealing of premises, attachment of bank accounts or collection of advance payments. The PRA has relied completely on collaboration with all stakeholders and emphasis on taxpayer facilitation and education. More than 200 awareness workshops were held during the financial year with more than 2,000 participants.
The PRA expects the growth trend to continue in the coming years as its management and all the workforce is committed to continuing its focus on compliance without resorting to any measures that adversely affect ease of doing business. It may be noted that PRA was also the first provincial revenue collection agency in the history of Pakistan that crossed the mark of Rs150 billion during the first eleven months of the ongoing fiscal year.
Copyright Business Recorder, 2022