PRA exceeds revenue target, sets new record
Exchange Companies Association president anticipated that the rupee would partially recoup losses over the next couple of days on expectations of easing political tensions. Photo: afp
In a remarkable achievement, the Punjab Revenue Authority (PRA) has surpassed its upwardly revised revenue target of Rs197 billion, four days ahead of the financial year 2022-23 deadline. Provisional figures reveal that the collection surpassed last year’s revenue collection of Rs170.5 billion by an impressive Rs26.5 billion.
The monthly provisional revenue figures up to June 26, 2023, show a collection of over Rs23 billion, marking a significant 38% increase compared to the collection of Rs16.7 billion in June 2022. Initially assigned a target of Rs190 billion, the PRA’s target was subsequently revised to Rs195 billion and finally to Rs197 billion. It’s worth noting that this achievement was made without considering the pending Rs15 billion in input tax adjustment owed by the Federal Board of Revenue (FBR) in this fiscal year.
The spokesperson of the authority emphasised the extraordinary nature of this accomplishment, given the challenging economic situation of the country, where overall service sector growth remained at a modest 0.86%. In the last quarter, the PRA prioritised taxpayer facilitation and effective enforcement to bring non-compliant taxpayers into the system, resulting in a higher amount of tax collection, said the spokesperson.
According to the PRA chairperson this is the fourth consecutive year in which they have surpassed their revenue target. The PRA aims to become the first provincial revenue collecting agency in the country to cross the significant milestone of Rs200 billion, solidifying its position as the leading provincial revenue authority in Pakistan.
Published in The Express Tribune, June 28th, 2023.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.