LAHORE: Punjab Revenue Authority (PRA) has collected over Rs 239 billion during the Financial Year 2023-24 which is likely to be increased after final settlement of civil accounts thus showing a growth of 20 percent if compared with the total revenue collection at Rs 200.1 billion during FY 2022-23, the PRA spokesperson confirmed this to media.
She termed it a great achievement as it is the highest ever collection by any provincial revenue authority, if compared with the rest of three provincial revenue authorities of the country and even by PRA itself.
The spokesperson added that total collection of PRA is comprised of Punjab Sales Tax on Services at Rs 223.4 billion against the Rs 191.2 billion during the corresponding period last year showing 17 percent growth, Punjab Workers Welfare Fund at Rs 10.2 billion reflecting 92 percent growth if compared with Rs 5.3 billion during last year and Punjab Infrastructure Development Cess (PIDC) at Rs 5.5 billion if compared with Rs 3.5 billion last year which also exhibited impressive growth at 55 percent.
During the last month of Financial Year 2023-24 i.e. June 2024, PRA collected Rs 32.7 billion compared to Rs 28.2 during the last year, thus showing growth at 16 percent if compared with June 2023.
During the month of June, 2024, PSTS was collected at Rs 29 billion reflecting 9 percent increase, PWWF at Rs 3 billion reflecting growth at 150 percent and PIDC at Rs 629 million which is 83 percent higher than Rs 344 million collected during June last year.
According to the spokesperson, the Authority, under the leaderships of Punjab Finance Minister Mujtaba Shujaur Rehman and PRA Chairperson Dr Javed Iqbal Sheikh is persistently striving upon increasing the own source revenue of the province of Punjab despite all challenges mainly arising out of economic meltdown during Financial Year 2023-24.
The spokesperson added that PRA accounts for around 66 percent of Punjab’s Own Source Revenue (OSR) is determined to maximize the provincial revenue through its dedicated team and cooperation of taxpayers in fulfilling their obligations through timely payment of taxes.
The strategy of PRA to achieve the target for the next year i.e. Financial Year 2024-25 includes broadening of tax base through effective use of Information Technology, integration of data bases with other organisations, data sharing with other organisations like FBR and other provincial departments, automation of its business processes, taxpayer facilitation and education, training of its workforce and expansion of PRA.
The impressive revenue collection figures reflect the efficiency and effectiveness of PRA’s strategy in ensuring compliance to the tax statute while fostering a conducive environment for economic growth in Punjab.
