The Punjab Revenue Authority (PRA) has collected over Rs239 billion in revenue for the financial year 2023-24, marking a 20% increase compared to the Rs200.1 billion collected last year.
The final collection for FY24 is expected to rise further after the settlement of civil accounts, according to a statement issued by the PRA on Monday.
“This is a great achievement as it is the highest-ever collection by any provincial revenue authority, including the other three provincial revenue authorities,” a PRA spokesperson said.
The total revenue collection comprises Rs223.4 billion from Punjab sales tax on services, showing a 17% increase from Rs191.2 billion last year.
Additionally, Rs10.2 billion was collected for the Punjab Workers Welfare Fund, reflecting a 92% growth from Rs5.3 billion last year, and Rs5.5 billion from the Punjab Infrastructure Development Cess, an increase of 55% compared to Rs3.5 billion last year.
In June 2024 alone, the PRA received Rs32.7 billion in revenue, a 16% increase from Rs28.2 billion in the same month last year.
Specifically, the Punjab sales tax on services collected in June 2024 was Rs29 billion, up 9%, the Punjab Workers Welfare Fund collected Rs3 billion, up 150%, and the Punjab Infrastructure Development Cess collected Rs629 million, up 83% from Rs344 million in June last year.
The PRA, which accounts for about 66% of Punjab’s source revenue, aims to maximise provincial revenue through a dedicated team and taxpayer cooperation in fulfilling their tax obligations.
The strategy for the next fiscal year includes broadening the tax base using information technology, integrating databases with other organisations, sharing data with the Federal Board of Revenue (FBR) and other provincial departments, automating business processes, and enhancing taxpayer facilitation and education.
