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Punjab Revenue Authority likely to collect Rs40b taxes in FY14

Punjab Revenue Authority likely to collect Rs40b taxes in FY14

LAHORE: Punjab Revenue Authority (PRA) will likely to collect Rs40 billion taxes during the current fiscal year as compared to Rs16 billion in FY2013 and Rs6 billion in FY2012.

This was revealed by PRA Chairperson Iftikhar Qutab during a meeting with Lahore Chamber of Commerce and Industry (LCCI) President Ijaz A Mumtaz.

Executive committee members of the chamber and representatives of the International Finance Corporation (IFC) Saima Zubairi, Maha Hussein and Mohammad Baider were also present there.

Iftikhar stressed on the need for judicious tax management to achieve sustainable development, adding that the authority was following the international maxim that “tax system ownership if not shared can’t succeed”.

LCCI President Ijaz A Mumtaz emphasised on the importance of public-private dialogue to solve the challenges being faced by the business community.

He said that the LCCI is working as a partner of the revenue authority to widen the tax net and suggested that the PRA should collect taxes from the date of registration of a company and not from the date of promulgation of the PRA Act.