PCJCCI organises a seminar on the role of Punjab Revenue Authority for the business community : AsiaNet-Pakistan

PCJCCI organises a seminar on the role of Punjab Revenue Authority for the business community

December 11, 2019 | General Business News | Share:

Lahore, December 11, 2019 (PPI-OT): Every company should pay 16% of their profit to Punjab Revenue Authority (PRA) to generate revenue for the well-being of Punjab. It was stated by Mr. Zain Ul Abidin Sahi, Chairman PRA at a seminar organized by Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) today on “The Role of Punjab Revenue Authority (PRA) for the business community and awareness regarding Tax on Services”.

Mr. Zarak Khan, President PCJCCI presented address of welcome on this occasion. Mr. Moazzam Ghurki, Senior Vice President and Mr. Salahuddin Hanif, Secretary General PCJCCI also exchanged their views with the Guest speaker belonging to the Inland Revenue Service group of 26th Common Training Program. This seminar aimed to inculcate tax awareness in the business community as well as in young entrepreneurs.

Mr. Zain ul Abidin Sahi, while addressing the seminar, said that government of the Punjab had established a semi-autonomous organization named as the Punjab Revenue Authority (PRA) to collect and enforce sales tax on services. It has also enacted the Punjab Sales Tax on Services Act, 2012 in supersession of the Punjab Sales Tax Ordinance, 2000 (as amended from time to time), he said. To begin with, Punjab has kept the tax coverage only to the fourteen categories but now it has reached 68 services covered under the repeated ordinance; hotels, restaurants, beauty salons, construction, courier service, dress designers, doctors, telecommunication etc, he added

He further told that the private and public withholding tax system was very important for awareness of the business community, who did not kept adequate information regarding this particular section. Every company has to pay 16% of their part to PRA for generating revenue for well-being of the Punjab.

Mr. Zarak Khan, President PCJCCI, in his address of welcome, said that the provincial tax systems in Pakistan are more or less based upon a colonial legacy. The dawn of 21st century has seen a visible change in the governance patterns at national as well as at sub-national levels especially in the developing countries, he said adding that reforms in tax regimes had been initiated as an important component of overall fiscal-economic reforms.

In this regard, Pakistan has also suitably modified its fiscal federalism, under which public service responsibilities of the Provincial governments have been expanded along with creation of several prudent opportunities for the Provinces to mobilize their own resources, he said and assured of taking efforts to make PCJCCI an effective bridge between business community and the government. He said that PCJCCI was keen to setup Tax facilitation centre for the Chinese business community working in Pakistan.

Mr. Moazam Ghurki, Senior Vice President PCJCCI, speaking on this occasion, said that Traders and businessmen had come to know about new sales tax on services two and a half years ago because of PRA’s field efforts. We should respect PRA’S work because they are trying to generate revenue for the prosperity of Punjab.

Mr. Salahuddin Hanif, Secretary General PCJCCI said that, Pakistan China Joint Chamber of Commerce and Industry initiated to conduct this session to spread awareness among the business community and young entrepreneurs regarding the working of Punjab Revenue Authority.

For more information, contact:
Media Manager,
Pakistan China Joint Chamber of Commerce and Industry (PCJCCI)
Mega Tower, 309 – 6th Floor,
Main Boulevard, Gulberg II,
Lahore, Punjab – Pakistan
Tel: +92-42-35777460-02, +92-42-37032203, +92-42-35874353
Fax: +92-42-35777524
Cell: +92-324-4925611
Email: info@pcjcci.org
Website: www.pcjcci.org

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Category: General Business News