PRA achieves Rs125b tax target for FY21
Tax. PHOTO: FILE
The Punjab Revenue Authority’s (PRA) tax collection spiked 29.5% to Rs128.25 billion during the first 11 months of the ongoing fiscal year.
According to the provisional collection figures released by the authority on Tuesday, total revenue receipts during the first 11 months of previous fiscal year had been Rs99 billion.
In May 2021, the department collected Rs11.25 billion in taxes. Following impressive revenue collection last month, the authority has already surpassed the original target of Rs125 billion for the current fiscal year. In view of the unprecedented growth shown by the revenue collection agency despite the hurdles faced in the wake of Covid-19, the government has now revised PRA’s target to Rs141.2 billion.
Read more: Pakistan losing revenue due to tax evasion
PRA spokesperson was confident that the department would meet the revised target, which would require collection of Rs12.9 billion in June 2021. To recall, Punjab’s tax collection was recorded at Rs9.5 billion in June 2020. According to the spokesperson, the collection for May is expected to increase once the provisional figures are finalised.
“The figures are clear evidence that Punjab government’s policy of revenue collection has been successful,” the spokesperson said.
Published in The Express Tribune, June 2nd, 2021.
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