Business

PRA surpasses collection target


LAHORE:

The Punjab Revenue Authority’s collection surged 32.7% to Rs144.1 billion in fiscal year 2020-21. According to the provisional collection figures released by the authority on Thursday, total revenue receipts during fiscal year 2019-20 stood at Rs108.59 billion. In June 2021, the department managed to collect Rs15.47 billion in taxes, which was 62% higher than Rs9.55 billion collected in the same month last year. Considering the impact of Covid-19, the government initially fixed a revenue collection target of Rs125 billion for FY21, however, due to unprecedented growth depicted by the authority, it was later revised to Rs141.15 billion. The authority surpassed the initial target in May 2021. According to the PRA chairperson, the revenue collection target was revised upward for the first time ever in FY21.

Published in The Express Tribune, July 2nd, 2021.

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