LAHORE: Punjab Finance Minister Mujtaba Shujaur Rehman emphasized the necessity of documenting the economy. Consequently, the provincial government will amend the Punjab Sales Tax Act to enhance the efficiency of the Punjab Revenue Authority (PRA).

During a meeting of the Ministers’ Committee for Resource Mobilisation 2024-25 held in Lahore on Friday, Punjab Finance Minister Mujtaba Shujaur Rehman highlighted the importance of enhancing the province’s indigenous resources. The session focused on reviewing proposals from the Board of Revenue and Punjab Revenue Authority aimed at boosting the province’s revenue. Minister Rehman emphasized the need to revise the stagnant taxes administered by the Board of Revenue, such as property taxes, which have remained unchanged for the past 15 to 20 years. He directed tax departments to develop a formula allowing for periodic adjustments to tax rates. Furthermore, Minister Rehman announced plans to promote the use of plastic card payments, including debit and credit cards, for tax transactions. He underscored the significance of data sharing with the Federal Bureau of Revenue (FBR) to broaden the tax base and augment revenue collections. During the meeting, the Additional Secretary of Finance provided an update on the performance of tax departments, noting steady growth in collections by the Punjab Excise and Taxation Department and Punjab Revenue Authority, while highlighting challenges faced by the Board of Revenue in meeting its targets despite concerted efforts.