LAHORE: The Punjab Revenue Authority (PRA) announced a 22% increase in revenue for February 2024, collecting Rs 18.99 billion up from Rs 15.5 billion in the same month last year.
For the fiscal year 2022-23, the authority surpassed its Rs 195 billion target, collecting over Rs 201.5 billion. The target for 2023-24 is set at Rs 240 billion, expected to be met through strategies encompassing taxpayer facilitation, stakeholder inclusion, technology use, and enforcement.
The authority contributes over 66% to Punjab’s own source revenue, collecting Sales Tax on Services, Punjab Infrastructure Development Cess, and Punjab Workers’ Welfare Fund. Despite challenges, a 22% growth in revenue collection was reported, indicating a trend of meeting targets consistent over four years.
Revenue growth was noted across several sectors, including telecommunication, insurance, IT services, and others.
Exemptions were made for parts of the IT sector in September 2023, yet an 18% revenue growth was recorded. Significant increases were also seen in dress designing, workshops for electric equipment, cable TV operators, and several other sectors.
Since its establishment in 2012, PRA has shown a consistent increase in revenue collection, attributed to enforcement practices and a collaborative approach with other organizations.
Initiatives include the establishment of an Intelligence and Prosecution Cell, designation of commercial banks and online platforms as collecting agents, and integration of databases for improved tax collection efficiency.
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