The Punjab Revenue Authority (PRA) has exceeded its revenue collection target for the financial year 2022-23, generating over Rs.197 billion four days prior to the closure of the financial year.
The official spokesperson of PRA informed that the achievement was huge, if compared to the economic situation of the country where the overall growth of services remained at 0.86%
“The PRA relied on taxpayer facilitation as well as effective enforcement to regular non-compliant taxpayers in the last quarter, resulting in generating a higher amount of tax collection. This is the fourth successive year in which PRA surpassed its revenue collection target and hopefully shall become the first provincial revenue collecting agency to cross the psychological barrier of Rs.200 billion, further establishing itself as the leading Provincial revenue collecting agency in the country,” she said. She added that the PRA has been performing exceptionally well in terms of revenue collection. During the first five months of the financial year 2022-23, the PRA collected a record Rs 73 billion which is 30% higher than the Rs 56.1 billion collected during the same period of financial year 2021-22.
“The above collection figures reflect that the PRA has been able to achieve over 38% of its assigned target of Rs 190 billion for 2022-23 while maintaining growth of above 30% which translates into a remarkable contribution towards Punjab’s own source tax revenue,” she said.
It is pertinent to mention here that the PRA accounted for over 60% of Punjab’s own source tax revenue during the last financial year, collecting over. In November 2022, the PRA collected Rs15.6 billion against the target of Rs 14.9 billion, continuing its tradition of exceptional growth. During the same period last year, the PRA had collected Rs12.4 billion. The PRA collected Rs13.45 billion on account of sales tax on services during August 2022 as compared to the collection of Rs10.11 billion during the corresponding period of last year, showing an increase of 33% . The overall revenue collection during the current fiscal year till August stood at Rs 27.8 billion, which was 35% higher than Rs 20.59 billion in the same period of last year.
According to the spokesperson, the PRA has been focusing on taxpayer education and facilitation through training workshops and PRA’s online complaint/facilitation portal. The authority is also focusing on broadening the tax base through the registration of new taxpayers.
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