KPRA successfully surpasses annual target for the fiscal year 2023-24

PESHAWAR: The Khyber Pakhtunkhwa Revenue Authority (KPRA) has successfully surpassed its annual target for the fiscal year 2023-24. According to details shared by KPRA, the Authority has successfully surpassed its annual target of Rs35 billion by collecting Rs37.1 billion in the 11 months of the ongoing financial year 2023-24.
KPRA recorded 37% growth in the first 11 months of the financial year 2023-24 compared to the same period of the previous financial year, during which the Authority had collected 27.1 billion in taxes.
KPRA is mandated to collect and administer Sales Tax on Services and Infrastructure Development Cess (IDC) in the province. The government of KP has assigned it a Rs35 billion target for the ongoing financial. This year, KPRA has managed to collect Rs32.2 billion from the sales tax on services and Rs4.9 billion in the IDC in the 11-month period.
Compared with last year’s 11 months, Rs23.9 billion was collected from the sales tax on services while this year’s corresponding period collection is 32.2 billion which shows 35% growth in STS collection. Similarly, Rs3.2 billion were collected from the IDC in 11 months of the previous year while this collection is 4.9 billion which shows 53% growth.
Last year, KPRA collected Rs30.5 billion in the whole 12 months of the year while this year the collection has crossed 37.1 billion which shows the exemplary performance of KPRA and its team, said the Director General KPRA Fouzia Iqbal in her statement issued to media. She appreciated the efforts of the KPRA team for their performance and directed them to increase their efforts in the last month of the financial year to surpass the target will more impressive figures. She said they will cross Rs40 billion by the end of June.
“We are thankful to our stakeholders, the taxpayers, traders, and the people of Khyber Pakhtunkhwa for showing their trust and their cooperation. We expect them to continue their trust and cooperation in the future,” she said.