PRA registers 35,000 new businesses

LAHORE:

The Punjab Revenue Authority (PRA) completed the registration of 35,000 new businesses in the tax net across Punjab during the past year. A review meeting on business registration and tax-net expansion targets was held under the chairmanship of PRA Chairman Moazzam Iqbal Sipra.

The chairman directed taxmen that, alongside registration of businesses, transparency in tax returns and compliance with tax requirements must also be ensured. "The scope of digital monitoring of business activities will be expanded to make the tax system more effective," he said.

Sipra stated that businesses with monthly sales of up to Rs500,000 were required to be connected with the PRA's Electronic Invoice Monitoring System, adding that the system would further improve transparency in business transactions and tax payments.