Lahore: Punjab Revenue Authority (PRA) announced that it has exceeded its revenue collection target for the first quarter (Q1) of the fiscal year 2021-22 with a growth of over 23%, according to news published on Friday (October 8). It was reported that it is the highest revenue collection growth in Q1 of any fiscal year (FY) in the history of any revenue authority.
As per the details, it is was disclosed that PRA collected PKR 32.031 billion in the Q1 FY2021-22 in comparison to PKR 26.028 billion in the Q1 FY 2020-21. The authority target for revenue collection was 22% for FY2021-22. PRA saw 33.6% revenue growth in September 2021 in comparison with September 2020.
According to sources, the construction services sector saw the highest increase in revenue generation growth with 118%. The construction industry contributed PKR 516.659 million as compared to PKR 237.460 million collected last year. It was followed by revenue generated through technical-scientific and engineering consultants and restaurants, which witnessed a 43% increase. The telecommunication services sector was reported to be the highest tax contributing to the provincial exchequer. It saw an increase of 28% as it contributed PKR 7.8069 billion.
PRA Chairperson Zain-ul-Abidin Sahi stated that the figures are expected to rise after the civil accounts are finalised. He hoped that PRA will achieve the annual revenue generation targets set by the government in the budget.
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