Khyber Pakhtunkhwa’s tax revenue increases 45.6pc in Nov

PESHAWAR: The Khyber Pakhtunkhwa government has released the tax collection statistics for November 2024. The data encompassing tax collection from July to November of the current fiscal year shows an overall revenue increase of 45.6 per cent.

Khyber Pakhtunkhwa Finance Advisor Muzzammil Aslam shared the details in a post on X, formerly Twitter.

He said that in November 2023, the provincial tax revenue was Rs2,908 million. In November 2024, the tax revenue has reached 4,412 million. This is a 51 per cent increase in a year over year comparison.

He shared the breakdown of yearly and five-monthly comparisons. The finance advisor also said that there is a possibility that the non-tax revenue of the province will also show notable increase.

CRITICISM ON LOWER INFLATION

Earlier, Aslam had taken a jab at the federal government for claiming credit for the lower inflation clocked for November 2024.

He said that Prime Minister Shehbaz Sharif said that the monthly inflation had come down to 4.9 per cent, “which was neither achieved through productivity growth, nor administrative measures.” The provincial advisor said that the decline in inflation had come due to the decline in overall demand, high base effect as well as decline in international commodity prices.

According to Pakistan Bureau of Statistics (PBS) data, released on Monday, Pakistan’s annual consumer price index (CPI) had come down to 4.9 per cent in November, showing the lowest inflation in 6.5 years. Last year, the CPI had climbed to a historic high of 38 per cent.

The State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) is set to meet on December 16, and it is expected that the central bank will reduce the policy rate in line with the declining inflation.

The SBP has held off the sharp easing on the monetary policy so far to ensure controlled inflation, with a target of achieving the medium-term target of 5 to 7 per cent.

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