LAHORE: The Punjab Revenue Authority (PRA) has achieved a significant milestone in revenue collection during the month of March, 2024, by collecting an impressive Rs.19.1 billion. This marks a remarkable increase of 26% in collection if compared to the revenue collected at Rs.15.2 billion last year.
After the conclusion of third quarter of the current financial year, the Authority managed to collect notable revenue at Rs.164.3 billion during the nine months of the current fiscal year reflecting an 18% growth, if compared with the same period last year, collected at Rs.138.7 billion.
It is important to mention that besides Sales Tax on Services, the PRA is also entrusted with the collection of Punjab Workers Welfare Fund (PWWF) and Punjab Infrastructure Development Cess (PIDC). During the current financial year, the PWWF records 66% growth whereas PIDC collection reflected an impressive growth at 62% to date.
According to the spokesperson of PRA, the Authority is persistently on its way to achieve the assigned target of Rs.240 billion despite all challenges mainly arising out of economic meltdown during the currency of year.
The spokesperson further added that the PRA which accounts for around 66% of Punjab’s own source revenue is determined to maximize the provincial revenue through its dedicated team and cooperation of taxpayers in fulfilling their obligations through timely payment of taxes.
It was also stated that during the past four financial years, the Authority, through its dedicated workforce managed to surpass its targets. During the current financial year, the PRA is making all out efforts to maintain its tradition of surpassing the targets.
The strategy of PRA to achieve the target for this year includes broadening of tax base, taxpayer facilitation and education, training of its workforce, data base analysis and decision making, extensive use of information technology without resorting to any coercive measures.
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