LAHORE : Punjab Excise, Taxation & Narcotics Control Department is gearing up to automate the professional tax system, aiming to streamline the process effectively, said the department Director General, Faisal Fareed, in an interview with The News.
Addressing concerns over the current system, the Director General emphasised the need for modernisation to enhance efficiency and transparency.
"With a demand of 20 billion rupees from approximately 2.4 million properties, there's a pressing need to modernise our tax collection mechanisms," stated Faisal Fareed, emphasizing the scale of the revenue challenge faced by the department. Furthermore, addressing concerns over the decline in vehicle sales, Fareed attributed the 37 percent reduction to the escalating prices of vehicles in recent years. This economic hurdle has prompted the department to explore innovative strategies to rejuvenate the automotive sector and stimulate consumer demand.
In a bid to broaden the tax net and improve compliance, Fareed highlighted collaborative efforts with local government authorities. "We are working closely with local government bodies to enhance tax collection efficiency and effectiveness," he remarked, underlining the importance of interagency coordination in achieving fiscal objectives. Turning attention to the liquor industry, Fareed disclosed significant developments in licensing and regulation. Nine liquor shops have been granted licences in Punjab, with permits for sale and purchase extended to the Christian community. Despite challenges, the department has made notable progress in meeting revenue targets, achieving 80 percent of the four billion rupees earmarked from liquor sales. As Punjab strives to bolster revenue streams and strengthen tax administration, the Excise and Taxation Department remains committed to fostering innovation, transparency, and collaboration. With a forward-thinking approach and strategic partnerships, the province aims to navigate economic challenges and pave the way for sustainable fiscal growth.
The DG unveiled a pioneering strategy aimed at fortifying tax compliance and revenue generation.
Emphasising the importance of self-audit, Fareed announced plans to grant individuals the right of self-declaration of taxes. "The key to fostering compliance lies in empowering citizens to audit themselves," asserted Fareed, underlining the significance of proactive engagement from taxpayers.
By enabling individuals to self-declare their taxes, the Excise and Taxation department aims to streamline the compliance process and enhance transparency. Fareed further elaborated on the pivotal role of automation in revenue generation, revealing that the current taxation system operates at an impressive 80 percent automation level. However, he affirmed the department's commitment to achieving complete automation, aiming for a 100 percent automated taxation system.
"Automation is the cornerstone of efficient revenue generation," remarked Fareed, highlighting the transformative potential of technology in modernizing tax administration.
The proposed initiatives signify a proactive approach by the Excise and Taxation department towards promoting tax compliance, transparency, and efficiency in revenue collection.
With self-declaration of taxes and continued automation efforts, the department seeks to usher in a new era of fiscal responsibility and economic sustainability.
