Peshawar: The Khyber Pakhtunkhwa Revenue Authority (KPRA) has exceeded its annual target for the financial year 2023-24.
According to details shared by KPRA, on Monday, the authority successfully expanded its annual target of $35 billion by collecting $37.1 billion in the 11 months of the fiscal year 2023-24.
KPRA recorded a 37% growth in the first 11 months of the 2023-24 financial year compared to the same period in the previous financial year, when the agency collected 27.1 billion in taxes.
KPRA is tasked with collecting and managing sales tax for services and infrastructure development levy (IDC) in the province. The KP government has set a target of $35 billion for ongoing finances. This year, KPRA managed to collect $32.2 billion from service sales tax and $4.9 billion from IDC in 11 months.
Compared to 11 months last year, $23.9 billion was collected from sales tax on services, while the collection for the same period this year was $32.2 billion, representing a 35 percent increase in STS collection. Similarly, in the first 11 months of last year, $ 3.2 billion was collected from IDC, which represents a growth of 53.9 billion to 4.9 billion.
Last year, KPRA collected $30.5 billion in the first 12 months of the year, and this year’s collection has exceeded $37.1 billion, which shows the exemplary performance of KPRA and its team, said Director General of KPRA Fuziya Iqbal in a press release. .
KPRA praised the efforts of the team for their achievements and will further demonstrate their efforts to exceed the target in the last month of the financial year. He said it would pass $40 billion by the end of June.
“We thank our stakeholders, taxpayers, traders and people of Khyber Pakhtunkhwa for showing trust and cooperation. We look forward to continued trust and cooperation in the future.”
