Punjab collects tax revenue of Rs118 billion

Punjab Revenue Authority reports 16.16% growth in December tax collection, reaching Rs118 billion in H1 FY24.

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LAHORE:

The Punjab Revenue Authority (PRA) achieved exceptional growth in December 2024 as tax collection rose 16.16% compared to the same period of last year and increased 19% over November 2024.

From July to December of the current fiscal year, the PRA collected Rs118 billion in tax revenue, reflecting a 10.35% rise compared to the same period of the previous year.

Notable contributions included an 8% increase in sales tax on services, 25% growth in the Punjab Infrastructure Development Cess and a 76% surge in the Punjab Workers Welfare Fund.

"This performance was accomplished without introducing any new taxes or increasing the tax rates," PRA said in a statement, adding that through targeted workshops for stakeholders and taxpayers, coupled with efforts to expand the tax net, the authority consistently met its collection targets.

"The authority remains confident about surpassing its tax targets for the current fiscal year," it said.

A significant milestone was the launch of the PRA-IRIS system for tax return filing, a major stride towards transparency and the adoption of paperless operations. Additionally, the integration of PRA's Electronic Invoice Monitoring System (eIMS) with the Federal Board of Revenue's (FBR) Point-of-Sale system streamlined access to tax data, enhancing efficiency and compliance.

The fiscal year also witnessed the introduction of a single sales tax return, which has been extended to oil and gas sectors as well as microfinance banks.

Looking ahead, the PRA plans to broaden this initiative to other inter-provincial business sectors, aimed at providing greater convenience to taxpayers while further strengthening revenue collection efforts.