KRPA To Introduce Incentives Encouraging Documentation Of Economy

PESHAWAR, (UrduPoint / Pakistan Point News - 12th Mar, 2024) Director General KPRA Miss Fouzia Iqbal held a meeting with the Advisor to Chief Minister on Finance Mr. Muzzammil Aslam at his office on Tuesday.

The DG KPRA briefed the Advisor on Finance about tax rates in different sectors, major revenue streams, and the overall collection of KPRA in the past eight months of the current financial year.

The strategy for tax collection in the remaining four months of the ongoing financial year was discussed, and the DG KPRA assured the advisor that her team is making every effort to achieve the revenue target assigned to the authority by the provincial government. Advisor to KPRA on Tax Enforcement Mr. Fazal Amin Shah also accompanied DG KPRA and responded to the queries.

The advisor was informed that KPRA has collected Rs26.86 billion by February 2024, and the target for the current year is Rs42 billion.

The Advisor to the Chief Minister on Finance mentioned that the tax policy for the next financial year will be formulated after consultations with all stakeholders. He directed the DG KPRA and her team to arrange pre-budget consultations with representatives from chambers of commerce and industries, owners' associations of restaurants, hotels, wedding halls, car showrooms, and catering service providers for discussions.

It was decided that KPRA would start lottery schemes for restaurants/hotels to encourage documentation of economy and tax acculturation in the province and incentivize the restaurants/hotels business across the province including the newly merged districts.

The advisor agreed to withdraw tax exemptions given to certain sectors, given by the cabinet, to bring them into the tax net and sought necessary documentation for the withdrawal through the cabinet from the KPRA team.