By Commerce Reporter
LAHORE: The Punjab Revenue Authority (PRA) showcased exceptional growth in December 2024, achieving a 16.16% increase compared to December last year and a 19% growth over November 2024. From July to December of the current fiscal year, the PRA collected PKR 118 billion in tax revenues, reflecting a 10.35% rise compared to the same period of the previous year. Notable contributions included an 8% increase in Punjab Sales Tax on Services, a 25% growth in the Punjab Infrastructure Development Cess, and an impressive 76% surge in the Punjab Workers Welfare Fund.
This outstanding performance was accomplished without introducing any new taxes or increasing tax rates. Through targeted workshops for stakeholders and taxpayers, coupled with efforts to expand the tax net, the PRA has consistently met its collection targets. The authority remains confident about surpassing its tax targets for the current fiscal year.
A significant milestone was the launch of the PRA-IRIS system for tax return filing, a major stride towards transparency and the adoption of paperless operations. Additionally, the integration of PRA’s Electronic Invoice Monitoring System (eIMS) with the Federal Board of Revenue’s (FBR) Point-of-Sale system has streamlined access to tax data, enhancing efficiency and compliance.
The fiscal year also witnessed the introduction of the Single Sales Tax Return, which has been extended to oil and gas sectors as well as microfinance banks. Looking ahead, the PRA plans to broaden this initiative to other interprovincial business sectors, aiming to provide greater convenience to taxpayers while further strengthening revenue collection efforts.
