Business
PRA hits record revenue collection in March
The spokesperson says that the Authority accumulated substantial revenue totaling Rs.164.3 billion over the nine months, showcasing an 18% growth compared to the same period last year, which stood at Rs.138.7 billion.
Lahore: The Punjab Revenue Authority (PRA) in Lahore has achieved a significant milestone in revenue collection for the month of March 2024, amassing an impressive Rs.19.1 billion.
It marks a significant increase of 26% compared to last year's collection of Rs.15.2 billion.
As the third quarter of the current fiscal year concludes, the Authority accumulated substantial revenue totaling Rs.164.3 billion over the nine months, showcasing an 18% growth compared to the same period last year, which stood at Rs.138.7 billion.
Aside from Sales Tax on Services, PRA is also responsible for collecting the Punjab Workers Welfare Fund (PWWF) and Punjab Infrastructure Development Cess (PIDC). During the ongoing fiscal year, PWWF has seen a remarkable 66% growth, while PIDC collection has surged impressively by 62%.
According to a PRA spokesperson, despite economic challenges throughout the year, the Authority remains steadfast in its pursuit of the assigned target of Rs.240 billion. Accounting for approximately 66% of Punjab’s own source revenue, PRA is committed to maximizing provincial revenue through the dedication of its team and cooperation from taxpayers, emphasizing the importance of timely tax payments.
Over the past four financial years, PRA has consistently exceeded its targets, and in the current fiscal year, it continues to strive for surpassing expectations.
The strategy employed by PRA to achieve this year's target includes expanding the tax base, facilitating and educating taxpayers, training its workforce, analyzing databases for decision-making, and leveraging information technology without resorting to coercive measures.