Chairman Punjab Revenue Authority (PRA) Zain ul Abideen Sahi said that the authority was performing well by registering over 23 percent revenue growth in the first six months of ongoing fiscal year despite economic slowdown.
Briefing the Lahore Economic Journalist Association (LEJA) here on Thursday, he said that the PRA will achieve the annual target of Rs166 billion as working on four counts were underway. The PRA will likely to get Rs4.28 billion and Rs19 billion from the Federal Board of Revenue (FBR) in this financial year.
This revenue is held with FBR due to mistake entry of the National Bank of Pakistan and pending issues of reconciliation and settlement of the input adjustment taxes. Further, stays on almost Rs100 billion tax cases in Lahore High Court were also vacated. Now the PRA is expecting minimum Rs10 billion recoveries from these cases through out of court settlement in ongoing financial year.
On account of PRA performance about the tax collection, Sahi said that similarly, the growth of telecom sector was negative due to pending settlement issues which were redressed now so positive growth was expected in the next five months and PRA eyeing almost Rs10 billion tax collections in the next five months from the sector.
Sahi said that the auditor appointed by the PRA performed tremendously and made almost Rs80 billion to 100 billion worth tax contraventions. The PRA is anticipating substantial recovery from these contraventions during the ongoing fiscal year. Further, as a result of monitoring and survey and Electronic invoice monitoring system (Eims) increase in revenue expected.
The PRA collected Rs53 billion during the first 6 months of the ongoing fiscal year which was 23 percent higher than the corresponding period of last fiscal year while the collection in December 2019 was increased by 24.26 percent with collection of Rs10.373 billion taxes.
The PRA has been performing and registering the revenue collection growth despite economic slowdown. Expect telecom, banking and insurance revenue growth in other sectors are encouraging as contractual execution services registered 28 percent growth, restaurants 27 percent, courier 28 percent, IT enabled services 52 percent, construction services 30 percent, franchise and property developers 4 percent each and manpower recruitment services 8 percent growth.
Further, the service regulations and structure of the PRA is also ready and will be introduced soon.
The staff of the PRA will regularize according to the service rules and proper service structure is prepared alike other government department services, Chairman PRA disclosed.
He said that all provincial tax authorities were ready to launch single tax return for the provincial general sales tax on services through a single portal with single Provincial Sales Tax Number (PSTN) for ease of doing business in Pakistan.
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