The Punjab government is taking a proactive approach to prepare for the upcoming fiscal year by focusing on increasing provincial resources and improving revenue generation.
According to a news report, in a meeting of the Cabinet Committee on Resource Mobilisation, chaired by Punjab Finance Minister Mujtaba Shuja-ur-Rehman, key tax and revenue department heads reviewed projected provincial resources and discussed strategies for enhancing revenue collection in the next fiscal year.
During the meeting, the minister emphasized the government’s commitment to implementing a balanced fiscal policy that promotes economic development while ensuring fair tax distribution.
A major focus was on expanding the tax net, with the finance minister announcing that all taxable services in Punjab would now be under the jurisdiction of the Punjab Revenue Authority (PRA). This move aims to broaden the tax base and ensure all services contribute to the provincial revenue.
Additionally, the finance minister outlined plans to harmonise and standardise tax rates under the PRA to simplify the tax system and promote fairness. While working to boost revenue, the government also plans to provide relief to citizens, particularly through tax concessions where possible.
The meeting also discussed strategies to stimulate economic activity by encouraging foreign investment, particularly in sectors like agriculture, mining, and minerals, which are seen as key areas for growth and job creation. Efficient use of provincial assets, such as government-owned properties and land, was also highlighted as an important strategy for improving Punjab’s financial position.
The proposals discussed during the meeting will be submitted to the provincial cabinet for formal approval, setting the course for the province’s financial strategy in FY2025-26.
