LAHORE: The Provincial Ministry of Finance has set Rs 336.07 billion revenue collection target for upcoming financial year 2017-18. Out of the set target, Rs 221.32 billion will be collected as provincial revenues whereas Rs 114.74 billion will be collected as non-provincial revenues.
Sources said that the assigned target for the Punjab Revenue Authority (PRA) for the current financial year 2016-17 was Rs 280.05 billion. However, the authority remained failed to meet the target. In first nine months of FY2016-17, the PRA collected Rs 116.4 billion against the assigned target of Rs 138.33 billion.
For the upcoming FY 2017-18, the highest target will be assigned to PRA which is about Rs 96 billion. Whereas for the current FY 2016-17, the PRA collected Rs 56.39 billion against the assigned target of Rs 64.86 billion in first nine months of FY2016-17.
Sources added that PRA has decided to add 11 new departments into tax net to meet the assigned target. This will expand PRA’s tax net from 69 services to 80 services.
No new tax will be implemented in the upcoming FY2017-18.
