PESHAWAR: The KP Provincial Revenue Review Committee (PRRC) on Wednesday a “strategic session” to deliberate and implement strategic measures to achieve the ambitious PKR 85 billion own-source revenue target for the fiscal year 2023-24.
The session, presided over by Caretaker Finance Minister Mr. Ahmed Rasool Bangash and attended by Finance Secretary Amer Sultan Tareen, brought together key stakeholders from major revenue-generating entities in the province.
Speaking to the participants, Caretaker Finance Minister Bangash stressed the need for boosting provincial revenue to fortify Khyber Pakhtunkhwa’s economic stability. He said the primary objective of this crucial session was to deliberate and implement strategic measures to achieve Rs85 billion own-source revenue target for the fiscal year 2023-24.
Entities such as Khyber Pakhtunkhwa Revenue Authority, Excise and Taxation, Board of Revenue, Transport, Energy, Industries, Health, Home, Mines and Minerals, Police, and the local government department participated in this pivotal session.
The focus was on the Provincial Own Source Revenue (OSR), encompassing both tax and non-tax elements, including provincial taxes, fees, and fines collected for regulatory purposes.
Notably, this commitment demonstrates the finance department’s unwavering dedication to overcoming financial challenges, with an additional PKR 10 billion compared to the previous year’s budget.
During the session, Finance Secretary Tareen provided an update, acknowledging a current revenue collection shortfall against the target for the initial six months of 2023.
However, he highlighted the collaborative efforts of the Provincial Revenue Review Committee, major revenue-generating entities, and technical support from SNG in comprehensively analyzing the own-source revenue situation. He added that commitments from these entities have been secured, and key decisions, including remapping receipts under strategic principles for FY 2023-24, have been made to boost provincial revenues.
Finance Minister Bangash expressed appreciation for this collaborative effort, underscoring the KP government’s steadfast commitment to achieve fiscal targets and enhancing the financial stability of Khyber Pakhtunkhwa.
