Monday, May 27, 2024

Punjab’s revenue collection is rising by 9%

In spite of the Covid-19 relief provided to industries and taxpayers, Punjab’s revenue collection increased 9 percent in the first six months of the current fiscal year, said Punjab Finance Minister Hashim Jawan Bakht.

63 percent of the total revenue from immovable property, farmhouses and luxury homes in the FY21 budget was raised by the province.

60 percent of the total revenue was collected by the Punjab Revenue Authority (PRA), 53 percent was received by the Excise and Taxation Department and 48 percent by the Board of Revenue .

The PRA and Excise and Taxation Department’s rise in revenue collection was positive, while the development was negative in the case of the Board of Revenue. The recovery rate was influenced by the fall in economic activity due to the coronavirus.

The Minister asked the Board of Revenue to enhance its efficiency and, by the end of the current fiscal year, not to miss the revenue target. He also directed the Board of Revenue to boost the collection of income tax from agriculture.

Similarly, he said, the PRA should evaluate the impact on industries and fix infrastructure development-related issues.

He said that the self-sufficiency model for e-service centres in Punjab had also been accepted.

In order to improve tax collection, a notion of profit taxation is being enforced in local bodies. The system for property tax collection is also being strengthened.

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