The Khyber Pakhtunkhwa Revenue Authority (KPRA) has successfully achieved its revenue targets of Rs17 billion for the fiscal year 2019-20 that ended on Tuesday June 30.
The authority showed 63.4% growth rate in revenue collection compared to the fiscal year 2018-19, despite the catastrophic impact of the pendamic COVID-19 on the overall economy and business activities in the province.
In the fiscal year 2018-19, the authority had collected Rs 10.4 billion, which showes 63% growth rate in the year 2019-20.
All the regions of the authority successfully completed their revenue targets showing tremendous growth compared to the previous year. The major chunk came from Peshawar Region which collected over Rs11.4 billion revenue in both corporate and non-corporate sectors.
Similarly, the Mardan Region collected Rs284 million, the North Region collected Rs 172 million while, the recently established South Region collected Rs 208 million revenue in fiscal 2019-20.
Rs 1.2 billion were generated from the sales tax on services on the oil and gas sector while, Rs 1.95 billion came from withholding agents.
The Khyber Pakhtunkhwa Finance Minister Taimur Khan Jhagra and Director General KPRA Fayyaz Ali Shah appreciated the efforts of employees of the authority for achieving the revenue targets in the extraordinary circumstances.
The Finance Minister congratulated the DG KPRA Fayyaz Ali Shah and his team for their praiseworthy performance and helping the government to gather funds for financing its developmental projects. Mr. Taimur Khan Jhagra said the KPRA is an outcome of the present government's reforms and hoped that the authority would show more improvement with more promising results by the end of next fiscal year.
"Achieving the revenue targets in the current circumstances is really a proud moment for us. We are thankful for the support and encouragement of the KP government, particularly Minister Finance that made it possible," said Mr. Fayyaz Ali Shah in his statement. "We are committed to not only continue the current growth rate but to further increase it in the new fiscal year. We have to build tax culture in the province and our aim is to make Khyber Pakhtunkhwa fiscally self-reliant," he said.