LAHORE: The Punjab Revenue Authority (PRA) has achieved a significant milestone in revenue collection during the Financial Year 2023-24 by collecting over Rs 239 billion which is likely to increase after final settlement of civil accounts thus showing an impressive growth of 20% if compared with the total revenue collection at Rs 200.1 billion during Financial Year 2022-23.
This is a great achievement as it is the highest-ever collection by any provincial revenue authority if compared with the rest of three provincial revenue authorities of the country and even by the PRA itself. The PRA spokesperson further added that total collection of PRA is comprised of Punjab Sales Tax on Services at Rs 223.4 billion against the Rs 191.2 billion during the corresponding period last year showing 17% growth, Punjab Workers Welfare Fund at Rs 10.2 billion reflecting 92% growth if compared with Rs 5.3 billion during last year and Punjab Infrastructure Development Cess (PIDC) at Rs 5.5 billion if compared with 3.5 billion last year which also exhibited impressive growth at 55%.
During the last month of Financial Year 2023-24 i.e. June 2024, the PRA collected notable Rs 32.7 billion compared to Rs 28.2 during the last year thus showing growth at 16% if compared with June 2023. During the month of June, 2024, PSTS was collected at Rs 29 billion reflecting 9% increase, PWWF at Rs 3 billion reflecting growth at 150% and PIDC at Rs 629 million which is 83% higher than Rs 344 million collected during June last year.
According to the spokesperson of PRA, the Authority, under the leaderships of Punjab Finance Minister Mujtaba Shuja ur Rahman and PRA Chairperson Dr Javed Iqbal Sheikh is persistently striving upon increasing the own source revenue of the province of Punjab despite all challenges mainly arising out of economic meltdown during Financial Year 2023-24.
The spokesperson further added that PRA accounts for around 66% of Punjab’s Own Source Revenue (OSR) is determined to maximize the provincial revenue through its dedicated team and cooperation of taxpayers in fulfilling their obligations through timely payment of taxes.
The strategy of PRA to achieve the target for the next year i.e. Financial Year 2024-25 includes broadening of tax base through effective use of Information Technology, integration of data bases with other organisations, data sharing with other organisations like FBR and other provincial departments, automation of its business processes, taxpayer facilitation and education, training of its workforce and expansion of PRA. The impressive revenue collection figures reflect the efficiency and effectiveness of PRA’s strategy in ensuring compliance to the tax statute while fostering a conducive environment for economic growth in Punjab.
Copyright Business Recorder, 2024
Comments
Comments are closed for this article.