Ways discussed to improve KP economy

PESHAWAR: Key stakeholders from major revenue-generating entities in the province at a session discussed ways to the province’s economic stability.

The Provincial Revenue Review Committee meeting was led by Finance Minister Ahmed Rasool Bangash and Finance Secretary Amer Sultan Tareen, said a handout.

Entities such as Khyber Pakhtunkhwa Revenue Authority, Excise and Taxation, Board of Revenue, Transport, Energy, Industries, Health, Home, Mines and Minerals, Police, and the local government department participated in this pivotal session. The focus was on the Provincial Own Source Revenue, encompassing both tax and non-tax elements, including provincial taxes, fees, and fines collected for regulatory purposes. The finance minister stressed the critical need for boosting provincial revenue, aiming to fortify Khyber Pakhtunkhwa’s economic stability.

The primary objective was to deliberate and implement measures to achieve an ambitious PKR 85 billion own-source revenue target for the fiscal year 2023-24. During the session, the finance secretary provided an update, acknowledging a current revenue collection shortfall against the target for the initial six months of 2023.

However, he highlighted the collaborative efforts of the Provincial Revenue Review Committee, major revenue-generating entities, and technical support from SNG in comprehensively analyzing the own-source revenue situation.

He added that commitments from these entities have been secured, and key decisions, including remapping receipts under strategic principles for FY 2023-24, have been made to boost provincial revenues.

The finance minister expressed appreciation for this collaborative effort, underscoring the KP government’s steadfast commitment to achieve fiscal targets and enhancing the financial stability of Khyber Pakhtunkhwa.