Inside Financial Markets
Punjab govt to unify BoR, FBR tax slabs: Hashim Jawan - Inside Financial Markets

Punjab govt to unify BoR, FBR tax slabs: Hashim Jawan

– Associated Press of Pakistan

Provincial Finance Minister Hashim Jawan Bakhat said on Tuesday the Punjab government would unify the Board of Revenue (BoR) and Federal Board of Revenue (FBR) tax slabs while a profitable taxation model would be introduced in the Excise and Taxation Department.

Chairing the 5th meeting of the Resource Mobilization Committee here, he added that awareness would also be created among the public that all municipal services were being provided in return for taxes paid by the local while improvement in the municipal service delivery would ensure increase in public confidence and taxation.

Provincial Minister for Board of Revenue Malik Anwar, Provincial Minister for Agriculture Hussain Jahanian Gardezi, Secretary Finance Iftikhar Ali Sahoo, Member Tax Board of Revenue, Secretary Excise and Taxation, Chairman Punjab Revenue Authority and concerned officers of Irrigation and Finance Departments also attended the meeting.

The Finance Minister directed the Punjab Revenue Authority (PRA) to promote green taxation to provide a clean environment free from pollution to the citizens. The land attached to the irrigation canals would be used to augment the provincial resources. He also instructed that the Board of Revenue to ensure implementation
on provision of state land scheme to landless farmers.

Briefing the meeting about the current state of revenue, the Secretary Finance said, Covid-19 affected the revenue collection during the ongoing financial year while both tax and non-tax collections decreased.

However, the PRA and excise department shown improvement in tax collections. The PRA collected 12 percent more than the previous financial year while the excise and taxation collected three per cent,however, the tax collection rate the Board of Revenue remained negative.

The Finance Secretary hoped that by the end of the financial year, the targets for PRA and excise tax collection would be achieved.

The meeting reviewed the proposals of Excise and Taxation, Board of Revenue and Irrigation departments for collection of taxes and non-tax revenue and increase in personal resources of the province. The Excise and Taxation department suggested revision in the existing Valuation Table of Property Tax and Exemptions given to different sectors.

The proposals of the Irrigation Department were postponed till the next meeting for review.

The Provincial Minister directed the Finance Department to discuss in the next meeting the proposals approved by the Resource Mobilization Committee and the Cabinet which will be implemented now.

The provincial minister also directed the excise department to introduce a systematic mechanism for registration and transfer of vehicles and to introduce a viable taxation model for GT Road.

Syed Zaki Hussain

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