Punjab Revenue Authority surpasses revenue collection targets

WEB DESK: The Punjab Revenue Authority (PRA) has achieved a significant milestone in revenue collection, marking a remarkable increase of 26 per cent in March 2024.

The authority collected an impressive Rs19.1 billion, compared to Rs15.2 billion collected last year during the same period.

With the conclusion of the third quarter of the current fiscal year, PRA’s revenue collection stands at Rs164.3 billion, reflecting 18 per cent growth compared to the previous year’s Rs138.7 billion for the same period.

Apart from sales tax on services, PRA is also responsible for collecting the Punjab Workers Welfare Fund (PWWF) and Punjab Infrastructure Development Cess (PIDC).

Notably, PWWF has seen a growth of 66 per cent, while PIDC collection has increased by 62 per cent during the current financial year.

A spokesperson for PRA highlighted the authority’s commitment to achieving its target of Rs 240 billion despite challenges stemming from economic downturns.

The spokesperson highlighted PRA’s role, which accounts for approximately 66 per cent of Punjab’s own source revenue, in maximising provincial revenue through taxpayer cooperation and timely tax payments.

Over the past four financial years, PRA has consistently surpassed its targets, and the authority is determined to continue this trend.

Key strategies for achieving this year’s target include expanding the tax base, providing taxpayer facilitation and education, workforce training, data analysis, and leveraging information technology without resorting to coercive measures.