Peshawar
In a significant development, the Provincial Revenue Review Committee meeting, led by Finance Minister Mr. Ahmed Rasool Bangash and Finance Secretary Mr. Amer Sultan Tareen, convened at Minister’s office Civil Secretariat, Peshawar. The strategic session, brought together key stakeholders from major revenue-generating entities in the province.
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.
Finance Minister Mr. Bangash stressed the critical need to boost provincial revenue, aiming to fortify Khyber Pakhtunkhwa’s economic stability. The primary objective was to deliberate and implement strategic measures to achieve an ambitious PKR 85 billion own-source revenue target for the fiscal year 2023-24. 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. The committee’s strategic measures and commitment to overcome challenges paint a hopeful trajectory for the province’s economic future.
