Punjab Revenue Authority Beats Revenue Target Set for Q1
According to published reports, the Punjab Revenue Authority (PRA) has exceeded its revenue collection target for the first quarter (Q1) of the fiscal year 2021-22 by more than 23 percent. It was reported to be the highest first-quarter (Q1) revenue collection growth in the history of any revenue authority.
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According to the details, PRA collected PKR 32.031 billion in the first quarter of fiscal year 2021-22, compared to PKR 26.028 billion in the first quarter of fiscal year 2020-21. The authority’s revenue collection target for FY2021-23 was 22%.
According to sources, the construction services industry experienced the highest growth in revenue generation, at 118%. Compared to the PKR 237.460 million collected in the previous year, the construction industry contributed PKR 516,659,000.
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It was followed by a 43% increase in revenue generated by technical-scientific and engineering consultants and restaurants. According to reports, the telecommunication services sector is the largest tax contributor to the provincial treasury. It increased by 28 percent, contributing PKR 7.8069 billion.
Zain-ul-Abidin Sahi, chairman of the PRA, stated that the numbers are anticipated to increase once the civil accounts are finalised. He hoped that PRA would meet the annual revenue goals outlined in the government’s budget.
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