Punjab’s Finance Minister, Mujtaba Shujaur Rehman, emphasized that documenting the economy is crucial. The provincial government plans to amend the Punjab Sales Tax Act to increase the efficiency of its revenue authority.
The Punjab Government will also bring debit and credit cards use to improve the tax payment methods to the Government.
Moreover, The Punjab government will revise the Board of Revenue tax rates, which have been frozen for the last 15 to 20 years, for property and other stuff as well.
During the second meeting of the Ministers’ Committee for Resource Mobilization 2024-25 at the Finance Department on Friday, the provincial minister instructed the tax departments to devise a formula that would enable them to modify tax rates periodically.
The minister believes that sharing data with the Federal Board of Revenue (FBR) will lead to an expansion of the tax net and an increase in revenue collection.
During a meeting, proposals were reviewed from the Board of Revenue and the Punjab Revenue Authority (PRA) to increase the utilization of resources found within the province. The additional secretary of finance provided a briefing on the performance of tax departments, stating that the Excise and Taxation Department and the PRA have seen a continuous growth in revenue collection.
However, the Board of Revenue has been encountering difficulties in achieving their targets despite making all-out efforts.
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