MoU signed for Punjab tax reforms

LAHORE: A tripartite memorandum of understanding (MoU) has been signed between Australian High Commission, Punjab Revenue Authority & McKinsey & Company for running a diagnostic on the Punjab Revenue Authority (PRA) and suggesting a reforms process for improving the tax administration and tax revenues. 

The signing ceremony was attended by Dr Ayesha Ghaus Pasha (Finance Minister), Hamid Yaqub Shaikh (Secretary Finance), Dr Raheal Ahmad Siddiqi (Chairman PRA), Jurek Juszczyk (Australian High Commissioner) and representatives of McKinsey & Company.

The scope of the MoU is to run a diagnostic on PRA and to suggest ways and means to improve tax administration and tax revenues to the tune Rs 150 billion from the current collection of Rs 61.6 billion (for Finance Year 2015-16) in the next three years. The company engaged by the for this assignment is the world renowned management consultancy firm, McKinsey & Company which will be funded by the Australian government through its Department of Foreign Affairs and Trade.

The Punjab finance minister while speaking on the occasion thanked the Australian government for extending its assistance for the growth in revenues leading to economic development of the province.