LAHORE: Punjab Revenue Authority (PRA) has achieved the January collection target of Rs11.23 billion despite a reduction in taxes on more than 25 services, it was learnt on Monday.
According to a senior PRA official, the tax target in January was achieved despite a major relief given in the Finance Act of 2020, wherein tax rate on more than 25 services was reduced from 16pc to 5pc.
He said that the collection of Rs11.23 billion was a record in the history of PRA, as the target for January 2021 was 10 per cent higher than the target of Rs10.21 billion achieved in January last year.
Overall, the PRA collected Rs85.9 million in the first seven months (July-Jan) of the fiscal year (FY21), which was 38 per cent more than the tax collected in the same months of FY20.
The official informed that the PRA’s tax collections in the first seven months of FY2017-18, 2018-19 and 2019-20 stood at Rs56.8 billion, Rs51.7 billion and Rs62.2 billion, respectively.
“The good performance of PRA is a result of the Punjab finance minister’s policies, wherein stakeholders were consulted and facilitated,” he added.