Lahore: According to news released on Friday, the Punjab Revenue Authority (PRA) reported that it exceeded its revenue collection target for the first quarter (Q1) of fiscal year 2021-22 by more than 23%. (October 8). It was claimed that the first quarter of any fiscal year (FY) has seen the largest revenue collection growth in the history of any tax body.
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According to the figures, PRA collected PKR 32.031 billion in the first quarter of FY2021-22, compared to PKR 26.028 billion in the first quarter of FY2020-21. For FY2021-22, the authority set a revenue collection target of 22%. In September 2021, PRA’s income increased by 33.6 percent over September 2020.
The construction services sector, according to sources, witnessed the greatest increase in revenue generating, with a 118 percent gain. In comparison to the PKR 237.460 million collected last year, the construction industry donated PKR 516.659 million. It was followed by revenue created by technical-scientific and engineering consultants, as well as revenue generated by restaurants, which increased by 43 percent.
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According to reports, the telecommunication services sector is the most tax-paying sector in the province. It donated PKR 7.8069 billion, representing a 28 percent increase. The estimates are projected to grow after the civil accounts are finalised, according to PRA Chairperson Zain-ul-Abidin Sahi. He thought PRA will meet the government’s annual revenue generation targets set out in the budget.
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