LAHORE: in fiscal year 2014-25 Excise and Taxation department Punjab has collected Rs 336 million as professional tax from July 2014 till now. The amount collected is two percent less than the last fiscal year 2013-14. Punjab Government has set a target of 822.529 Million Rupees for Excise to collect in the Budget of 2014-15, whereas Excise has barely collected 41 percent of the year’s target.
Professional tax is levied on persons engaged in profession, trade or employment in Punjab province. The Punjab Finance Act 1977 and the Punjab Professions and Trade Rules 1977, provide legal and regularity frame work for this tax, while Article 163 of Constitution of Pakistan provides the constitutional cover to this tax and declares profession, trade or employment a provincial levy.
While talking to Customs Today Additional Director General Excise and Taxation Department Punjab Mr. Masood ul Haq told that Excise is taking all necessary steps to achieve its revenue targets. He further told that excise has achieved many targets of levy collection according to time duration and will collect all taxes before time.
He added, Excise department has collected 10.613 Billion Rupees till December 2014 which is 10 percent more than the same period of last fiscal year. 9.618 Billion Rupees were collected till December 2013.
Now up to June 2015 Excise has a target of 24.12 Billion Rupees which is 44 percent achieved till December 2014.