Punjab’s October revenue collection grows 24%

PRA’s receipts rise despite negative impact of Covid-19 on economy

LAHORE:

The Punjab Revenue Authority (PRA) on Monday revealed that it had collected record revenue of Rs9.4 billion in October 2020.

The revenue collection registered an increase of 24% compared to the same month of last year, when the revenue came in at Rs7.6 billion.

During July-October 2020, the PRA collected Rs35.46 billion worth of revenue, a growth of 9.74% over the same period of previous year, when receipts stood at Rs32.29 billion. Moreover, according to the PRA, a continued growth in revenue collection in the current fiscal year has come despite the negative impact of Covid-19 on the economy.

The revenue authority achieved its target by creating awareness and ensuring compliance through taxpayer involvement and education. “PRA did not take any drastic coercive measures ie freezing of bank accounts, etc during this period,” it said.

Furthermore, the government of Punjab in the last quarter of previous fiscal year 2019-20 reduced the tax rate for over 20 services from 16% to 5%. PRA chairperson, in a message, praised efforts of tax officers and encouraged them to show much greater revenue performance in the current month.

Published in The Express Tribune, November 3^rd, 2020.

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