LAHORE: With the stability in the law and order situation in Pakistan and the completion of various CPEC projects more and more local and international businesses have either directed their attention towards doing business in the country or have already decided to expand their businesses.
The registration of new businesses in both federal as well as provincial revenue authorities have been increasing with every passing day and the implementationof local tax laws are more necessary than ever. To comprehend new challenges i.e. tax evasion, facilitating tax payers, understanding of tax laws, increase of tax revenue, etc, more deliberate effort should be made by all the competent authorities to work together and resolve all issues including issue of double taxation, input adjustment and sharing of data. Since the introduction of PRA as provincialrevenue collecting agency in 2016 it has proved its existence by conducting tax clinics for different sectors and registering new tax payers while inducting new smart systems like RIMS, STRIVE, E-Courts into its portfolio. PRA as a tax revenue collecting authority has not only in the past achieved its revenue targets but is on course to achieve a new tax revenue target for current year where it stands at a 9 months high revenue of Rs 75 billion, which is 50% higher than previous year for the corresponding time period. These remarks were stated by PRA Chairman Dr Raheel Ahmed Siddiqui at an event conducted at a local hotel as part of TAX DAY celebrations. The event was also attended by Mr. Javed Ahmed (Member Operation PRA), Mr. Ali Mansoor (Commissioner Appeal PRA), Aman Anwar Kadwai (Additional Commissioner PRA), Mr. Salman Zafar (Director IT PRA) and delegates of Institute of Chartered Accounts of Pakistan, Pakistan Tax Bar, Lahore Chamber of Commerce and Industry.
Published in Daily Times, April 4th 2018.
