PRA witnesses 30pc growth during first five months

LAHORE:Punjab Revenue Authority continued the growth trajectory path on the fifth consecutive month of the ongoing fiscal year and surpassed the revenue collection target of Rs14.9 billion for November 2022 by collecting Rs15.6 billion.

PRA had collected Rs12.4 billion during the corresponding period of the last fiscal year. The PRA registered unprecedented growth of 30 percent in the first five months of the ongoing fiscal year. The PRA, during the first five months of the financial year 2022-23 PRA collected a record Rs73 billion which is 30 percent higher than the Rs56.1 billion collected during the corresponding period of financial year 2021-22. The above collection figures reflect that PRA has been able to achieve over 38 percent of its assigned target of Rs190 billion for 2022-23 while maintaining growth of above 30 percent which translates into a remarkable contribution towards Punjab’s own source tax revenue.

The PRA accounted for over 60 percent of Punjab’s own source tax revenue during the last financial year, collecting over Rs170 billion and exceeding its assigned target of Rs155 billion. The performance in the current financial year depicts that the Authority is well on its way to repeating the feat in the current financial year.

The telecom sector remained the highest tax generating sector with collection of over Rs15 billion and 15 percent growth, followed by withholding agent service of Rs14 billion and 43 percent growth. The construction sector witnessed highest growth in November of 145 percent and followed by the service provided by the person for inter-city carriage of goods by rail or roads of 98 percent. The banking, non-banking sector generated almost Rs10 billion in November, restaurants over Rs2 billion and courier service more than Rs3 billion.

Adhering to its policy of revenue maximisation through taxpayer facilitation and education and avoidance of any coercive measures, PRA has proved that the future of revenue collection lies in collaboration rather than confrontation with taxpayers. Recently, the Punjab government amended the Punjab Sales Tax on Services (Recovery) Rules, 2012, after which the approval of the chairperson is mandatory prior to attachment of bank accounts and sealing of business premises.