First five months of FY22-23: Punjab govt registers over 30pc revenue growth

LAHORE: The Punjab government has registered over 30% revenue growth during first five months of the financial year 2022-23.

The Punjab Revenue Authority, a provincial tax collecting agency, continued with its tradition of exceptional growth, collecting Rs15.6 billion during the month of November, 2022, against the target of Rs14.9 billion. It had collected Rs12.4 billion during the corresponding period.

During the first five months of the financial year 2022-23, the PRA collected a record Rs73 billion which is 30% higher than the Rs56.1 billion collected during the same period of financial year 2021-22.

The above collection figures reflect that the PRA has been able to achieve over 38% of its assigned target of Rs190 billion for 2022-23 while maintaining growth of above 30% which translates into a remarkable contribution towards Punjab’s own source tax revenue.

The PRA accounted for over 60% of Punjab’s own source tax revenue during the last financial year, collecting over Rs170 billion and exceeding its assigned target of Rs155 billion. The performance in the current financial year depicts that the Authority is well on its way to repeating the feat in the current financial year.

Adhering to its policy of revenue maximization through taxpayer facilitation and education and avoidance of any coercive measures, the PRA has proved that the future of revenue collection lies in collaboration rather than confrontation with taxpayers.

Recently, the Punjab government amended the Punjab Sales Tax on Services (Recovery) Rules, 2012, after which the approval of the chairperson is mandatory prior to attachment of bank accounts and sealing of business premises.

This step further exhibits the Punjab government’s unflinching resolve to persist with the policy of tax collection without unnecessary coercive measures.

The PRA spokesman stated that the Authority has recently signed an agreement with Pakistan Revenue Automation (Pvt) Limited to acquire a new integrated IT system providing end to end solution which will also help PRA to increase its efficiency as well as revenue collection.

Copyright Business Recorder, 2022