PRA Achieves Record 23% Revenue Growth Amid Economic Challenges
Lahore: In February 2024, the Punjab Revenue Authority (PRA) collected Rs. 19.1 billion, a 23% increase from the previous year’s collection of Rs. 15.6 billion.
The PRA surpassed its fiscal year (FY 2022-23) target of Rs. 190 billion, amassing a total of over Rs. 201.5 billion. Now, with a target of Rs. 240 billion set for the fiscal year 2023-24, the PRA aims to accomplish this goal through a systematic approach, including stakeholder engagement, taxpayer facilitation, and the information technology (IT).
Presently contributing over 66% of Punjab’s entire own-source revenue, the PRA primarily collects Punjab Workers’ Welfare Fund, Sales Tax on Services, Punjab Infrastructure Development Cess (PIDC) . Notably, different service sectors like telecommunications, courier services, insurance, IT-enabled services, and franchise services have appeared as key revenue drivers in the current financial year.
Furthermore, several other sectors have posted significant growth rates during the current financial year, including
- Dress designing (183%)
- Workshops for electric equipment (149%)
- Cable TV operators (131%)
- Architects and town planners (76%)
- Beauty parlors and clinics (69%)
- Ride-hailing services (65%)
- Property developers (65%).
In addition to the growth in Sales Tax on Services, the PRA has also recorded a notable 67% increase in Punjab Workers’ Welfare Fund collection and a substantial 46% growth in PIDC during the current financial year.
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