Lahore: Punjab Revenue Authority (PRA) Chairman Zain ul Abidin Sahi said that the authority has collected a total of PKR 72 billion in taxes in the first six months of the fiscal year 2022, news sources reported on January 12. The authority has a total revenue target of PKR 155.9 billion to achieve by the end of the current fiscal year.
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According to reports, the authority met the outstanding objective during the first six months of the year, from June to December, and has registered over 100,000 taxpayers by December 2021. The PRA authorities collected PKR 58 billion in the previous fiscal year, representing a 22% increase. Moreover, the PRA has stated that it is taking steps to register more companies and developing an integrated Point of Sales (PoS) system in order to improve tax collection from restaurants, salons, and retail shops.
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It was also revealed that the PRA is developing a system for collecting taxes from local or international tech firms that provide services in Pakistan. Google, Netflix, and other corporations will be required to pay taxes as a result of the new tax mechanism. Similarly, rules will be enacted to bring corporate lawyers within the tax net.