High hopes: Punjab expects to collect Rs40b in taxes
Revenue body chief calls for judicious tax management.
LAHORE:
Punjab Revenue Authority (PRA) Chairperson Iftikhar Qutab has emphasised the need for judicious tax management to achieve sustainable development with the hope that provincial tax collection, excluding from telecommunications, will reach Rs35 to Rs40 billion in the current fiscal year.
“In comparison, tax revenue stood at Rs16 billion in 2013 and Rs6 billion in 2012,” he said while talking to Lahore Chamber of Commerce and Industry (LCCI) President Ijaz A Mumtaz at the LCCI on Thursday.
Executive committee members of the chamber and representatives of the International Finance Corporation (IFC) Saima Zubairi, Maha Hussein and Mohammad Baider were also present on the occasion.
Speaking about the aims and objectives of the PRA, Qutab said the body was following international best practices and working with the philosophy that the “tax system ownership if not shared can’t succeed”.
He said the World Bank had nominated the IFC for providing technical assistance for the development of the revenue authority. Since its inception, the tax collection had been increasing, which, he said, was a clear proof of the taxpayer’s confidence in the system.
He praised the LCCI’s efforts to help the PRA create awareness among businessmen and enforce the regulations.
LCCI President Ijaz A Mumtaz stressed the importance of public-private dialogue to address the challenges being faced by the business community and economy.
The chamber is working as a partner of the revenue authority and it has made it mandatory for business enterprises from the services sector to submit the PRA registration certificate at the time of applying for the LCCI membership.
Mumtaz suggested that the PRA should collect taxes from the date of registration of a company and not from the date of promulgation of the PRA Act. He asked the PRA to focus on communicating with the people as they were not fully aware of the new system.
Published in The Express Tribune, October 24th, 2014.
Punjab Revenue Authority (PRA) Chairperson Iftikhar Qutab has emphasised the need for judicious tax management to achieve sustainable development with the hope that provincial tax collection, excluding from telecommunications, will reach Rs35 to Rs40 billion in the current fiscal year.
“In comparison, tax revenue stood at Rs16 billion in 2013 and Rs6 billion in 2012,” he said while talking to Lahore Chamber of Commerce and Industry (LCCI) President Ijaz A Mumtaz at the LCCI on Thursday.
Executive committee members of the chamber and representatives of the International Finance Corporation (IFC) Saima Zubairi, Maha Hussein and Mohammad Baider were also present on the occasion.
Speaking about the aims and objectives of the PRA, Qutab said the body was following international best practices and working with the philosophy that the “tax system ownership if not shared can’t succeed”.
He said the World Bank had nominated the IFC for providing technical assistance for the development of the revenue authority. Since its inception, the tax collection had been increasing, which, he said, was a clear proof of the taxpayer’s confidence in the system.
He praised the LCCI’s efforts to help the PRA create awareness among businessmen and enforce the regulations.
LCCI President Ijaz A Mumtaz stressed the importance of public-private dialogue to address the challenges being faced by the business community and economy.
The chamber is working as a partner of the revenue authority and it has made it mandatory for business enterprises from the services sector to submit the PRA registration certificate at the time of applying for the LCCI membership.
Mumtaz suggested that the PRA should collect taxes from the date of registration of a company and not from the date of promulgation of the PRA Act. He asked the PRA to focus on communicating with the people as they were not fully aware of the new system.
Published in The Express Tribune, October 24th, 2014.