Latest news with #KPRA
Business Recorder
26-05-2025
- Business
- Business Recorder
Budget 2025-26: Traders for elimination of double taxation, cut in ST rate on services
PESHAWAR: Traders through various proposals for the Khyber Pakhtunkhwa fiscal budget for 2025-26, has urged the provincial government to abolish double taxation, especially property tax, easing process of KPRA audit, reduction in ratio of Sale Tax on Services, bringing reforms in trade and business-related institutions, and complete abolishment of provincial Infrastructure Development Cess on export, curtailing tax/fees of property registry and elimination of anti-business actions and make legislation, reforms through appropriate amendment and to present a business-friendly budget. Business community asserted deletion of harsh coercive provisions in the law governing business and industry in the provincial fiscal budget 2025-26, while emphasising on provision of subsidised SME financing through Bank of the Khyber, taking serious note over advance to deposit ratio 0.9 percent advance against 16 percent provincial deposit, besides made demand for pragmatic steps for ease of doing business, gas supply on priority basis to industrial consumers as per granted by the Constitution. Traders called for maximized provincial hydel power utilisation through early execution of transmission lines and adding 80-85 megawatt electricity into the grid station, besides proactive measures for maintenance of law and order and reduction of the heavy burden of various provincial taxes, war-footing initiatives for completion of the northern bypass and Ring Road, underpasses on identified locations in the city. SCCI presents budget proposals for FY 2025-26 Business community wanted immediate withdrawal, recently introduced by the provincial government Godown Act 2025. Legislation for institutionalising provincial department-based on the Dispute Resolution Council mechanism with representation of all relevant departments, stakeholders and business community in the forum should be carried out, traders demanded. It has been asked by the provincial government to incorporate SCCI proposals in the upcoming provincial budget 2025-26. These budget proposals presented during a joint meeting with Khyber Pakhtunkhwa Minister on Excise and Taxation Khaleequr Rehman, KP Minister for Revenue Nazeer Advisor to Khyber Pakhtunkhwa government on Finance Muzammil Aslam, SACM on industries Abdul Karim Khan here at the Sarhad Chamber of Commerce and Industry, which chaired by SCCI president Fazal Moqeem Khan. Office-bearers of the chamber, traders, industrialists and importers and exporters were present in a large number. Later, the provincial ministers and advisors of the KP government agreed with proposals and assured the SCCI and stakeholders to make appropriate amendments in harsh laws, policies as per constitution limits and also incorporate the business community proposals in the upcoming provincial budget 2025-26. Copyright Business Recorder, 2025
Express Tribune
03-05-2025
- Business
- Express Tribune
KPRA revenue soars 40% in 10 months
Charging higher taxes from non-filers of income tax returns has become a source of easy revenue generation, rather than expanding the tax base. photo: file The Khyber-Pakhtunkhwa Revenue Authority (KPRA) has collected Rs41.9 billion in the first ten months of fiscal year 2024-25, marking a 40 per cent increase compared to the same period last year. This surge reflects a substantial rise of Rs12 billion over the Rs29.9 billion collected during July-April 2023-24. According to figures released by the KPRA's media wing on Friday, the authority generated Rs32.4 billion through the Sales Tax on Services and Rs9.51 billion via the Infrastructure Development Cess (IDC). In the corresponding period last year, collections stood at Rs25.5 billion and Rs4.38 billion respectively, reflecting a 27 per cent growth in Sales Tax on Services and a remarkable 117 per cent surge in IDC revenue. KPRA Director General Fouzia Iqbal lauded the performance of her team, crediting the impressive growth to their dedication and strategic planning. 'With the same level of commitment and our strategic approach, I am confident we will surpass this year's target with good margins,' she said. She also expressed her gratitude to taxpayers for their trust, confidence, and cooperation, which have played a crucial role in KPRA's achievements.
Business Recorder
03-05-2025
- Business
- Business Recorder
KPRA collects Rs41.9bn in 10MFY2025
PESHAWAR: The Khyber Pakhtunkhwa Revenue Authority (KPRA) has collected Rs41.9 billion in the first ten months of fiscal year 2024-25, marking a 40% increase compared to the same period last year. This surge reflects a substantial rise of Rs12 billion over the Rs29.9 billion collected during July-April 2023-24, according to an official communiqué, issued by KPRA here on Friday. According to figures released by the KPRA's media wing on Friday, the authority generated Rs32.4 billion through the Sales Tax on Services and Rs9.51 billion via the Infrastructure Developm ent Cess (IDC). In the corresponding period last year, collections stood at Rs25.5 billion and Rs4.38 billion respectively, reflecting a 27% growth in Sales Tax on Services and a remarkable 117% surge in IDC revenue. KPRA Director General Fouzia Iqbal lauded the performance of her team, crediting the impressive growth to their dedication and strategic planning. 'With the same level of commitment and our strategic approach, I am confident we will surpass this year's target with good margins,' she said. She also expressed her gratitude to taxpayers for their trust, confidence, and cooperation, which have played a crucial role in KPRA's achievements. Additionally, she acknowledged the support and guidance of Khyber Pakhtunkhwa Chief Minister Ali Amin Gandapur and Advisor to the CM on Finance Muzzammil Aslam, emphasizing that their leadership has been instrumental in implementing effective strategies and driving KPRA toward its goals. Copyright Business Recorder, 2025
Express Tribune
04-04-2025
- Business
- Express Tribune
KPRA revenue surges 41% to Rs37.37b
The Khyber-Pakhtunkhwa Revenue Authority (KPRA) has collected Rs37.37billion in the first nine months of the fiscal year 2024-25, marking an impressive 41 per cent growth compared to the same period last year. During the corresponding period of the previous fiscal year, KPRA had collected Rs26.58 billion, reflecting an increase of Rs10.79 billion. According to details shared by KPRA's media wing, the authority generated Rs28.8 billion from the Sales Tax on Services and Rs8.57 billion from the Infrastructure Development Cess (IDC). In comparison, last year's collections stood at Rs22.8 billion for the Sales Tax on Services and Rs3.74 billion for the IDC, indicating a 26 per cent growth in Sales Tax on Services and a remarkable 129 per cent increase in IDC revenue. KPRA Director-General Fouzia Iqbal commended the dedication and hard work of the authority's team, attributing the strong performance to their efforts.
Express Tribune
07-02-2025
- Business
- Express Tribune
K-P tax collection soars by 46%
PESHAWAR: Advisor to the Khyber Pakhtunkhwa Chief Minister on Finance and Interprovincial Coordination, Muzzamil Aslam, announced that the Khyber Pakhtunkhwa Revenue Authority (KPRA) has increased tax collection by 46%. He stated that tax collection from July to January reached an impressive Rs28.92 billion, reflecting a significant 46% rise compared to the previous year. This substantial growth highlights the province's strengthening economy and the government's commitment to fiscal responsibility. The advisor further noted that non-tax revenue in Khyber Pakhtunkhwa exceeds 55%, which will push the overall revenue growth beyond 50%. This achievement is attributed to the government's diversified revenue streams and effective financial management. Aslam expressed his gratitude to Chief Minister Ali Amin Gandapur for his continuous support and congratulated the KPRA Director General Fozia Iqbal and other staff on collecting additional taxes. Their hard work and dedication have been instrumental in achieving this milestone. it may be recalled that in January this year KPRA announced that it collected Rs24.2 billion in the first six months of the financial year 2024-25, marking an impressive 45 per cent growth compared to the same period last year. Last year it collected only Rs16.7 billion in the first six months which shows Rs7.5 billion increase in revenue. As per details shared by the KPRA's media wing, the Authority has collected Rs18.15 billion from the sales tax on services, and Rs6.07 billion from the Infrastructure Development Cess (IDC). Last year, collections from sales tax on services amounted to Rs14.6billion, while Rs2.1billion was collected from the IDC, reflecting a 24 per cent growth in sales tax on services and an astonishing 189 per cent growth in IDC. Director General KPRA, Fouzia Iqbal, praised the dedication and hard work of the KPRA team, which has resulted in an impressive performance over the past six months. She expressed her confidence that with sustained efforts, not only will the annual revenue target be achieved, but it will also be exceeded significantly. "With the same level of commitment and our strategic approach, I am confident that we will surpass this year's target. And by the end June, KPRA will once again stand out as a beacon of excellence in performance," she remarked. The Director General also extended her gratitude to taxpayers for their trust, confidence, and cooperation, which have been instrumental in KPRA's achievements so far. Additionally, she acknowledged the support and guidance of Chief Minister and Advisor to the CM on Finance. Their leadership, she noted, has been pivotal in enabling KPRA to implement effective strategies and move closer to its objectives. She said that tax collection increased despite the fact that country has been faced with an economic recession.
