LAHORE: Punjab Revenue Authority (PRA) has achieved a significant milestone in revenue collection during the fiscal year 2023-24 by collecting over Rs239 billion which is likely to be increased after final settlement of civil accounts thus showing an impressive growth of 20 percent compared with the total revenue collection of Rs200.1 billion during fiscal year 2022-23.
Following the highest ever collection the PRA has become the only provincial collecting agency of collecting the highest revenue when compared it with other provinces, besides also even by PRA itself.
The PRA spokesperson further added that total collection of PRA is comprised of Punjab Sales Tax on Services at Rs223.4 billion against the Rs191.2 billion during the corresponding period last year showing 17 percent growth, Punjab Workers Welfare Fund at Rs10.2 billion reflecting 92 percent growth as compared to Rs5.3 billion during last year and Punjab Infrastructure Development Cess (PIDC) at Rs5.5 billion as compared to Rs3.5 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 notable Rs32.7 billion compared to Rs28.2 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 Rs29 billion reflecting 9 percent increase, PWWF at Rs3 billion reflecting growth at 150 percent and PIDC at Rs629 million which is 83 percent higher than Rs344 million collected during June last year.
According to the PRA spokesperson, the Authority, under the leaderships of Punjab Finance Minister Mujtaba Shuja-ur-Rahman and PRA Chairperson Dr Javed Iqbal Sheikh is persistently striving upon increasing the own source revenue of the Punjab province despite all challenges mainly arising out of economic meltdown during Financial Year 2023-24.
The spokesperson further added that PRA accounts for around 66 percent of Punjab’s Own Source Revenue (OSR) is determined to maximise the provincial revenue through its dedicated team and cooperation of taxpayers in fulfilling their obligations through timely payment of taxes.
The strategy of the PRA to achieve the target for the fiscal 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.