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PRA collects Rs11.25b during May

PRA collects Rs11.25b during May

LAHORE: The Punjab Revenue Authority collected Rs11.25 billion during the month of May, 2021 bringing its total collection from July 2020 to May 2021 to Rs.128.25 billion, registering a growth of 29.5% over the Rs99.0 billion collected from July 2019 to May 2020.

Thus, the Authority has surpassed the original target of Rs125 billion assigned to it for the current financial year. In view of the unprecedented growth shown by Punjab’s premier revenue collecting agency despite the effects of the COVID-19 pandemic, the Government has now revised the budget estimate for the Authority to Rs141.2 billion. Punjab Revenue Authority spokesperson stated that the team was confident of achieving the revised target, which would require a collection of Rs.12.9 billion in the month of June against Rs.9.5 billion collected in June 2020. The collection for May is expected to increase once the civil accounts are finalized.

PRA spokesperson stated that the figures were clear evidence that the Punjab Government’s policy of revenue collection through facilitation and stakeholder involvement had been successful. She said that although the rates of sales tax on services for more than 25 services had been reduced through the Finance Act, 2020 to provide relief to the services sectors affected by the COVID-19 pandemic, the Authority had managed to counter the effects of the reduction and show an increase in revenue through a policy of collaboration with the stakeholders.

She said that there was still a long way to go for the Authority to achieve its full potential but the figures show that they are on the right track, and the workforce is motivated and geared up to achieve the revised target for 2020-21 and further improve their performance in the next financial year.