The Provincial Revenue Review Committee, convened on January 9, 2023, marked a significant milestone as Finance Minister Mr. Ahmed Rasool Bangash and Mr. Amer Sultan Tareen, Finance Secretary of Khyber Pakhtunkhwa, chaired a strategic session in the Committee room of the Finance Department. This session successfully convened key stakeholders from major revenue-generating entities in the province, including but not limited to KPRA, Excise and Taxation, Board of Revenue, Transport, Energy, Industries, Health, Home Mines and Minerals, Police, and the local government department.
Finance Department appraised insights from this pivotal session, which focused on the intricate details of the Provincial Own Source Revenue (OSR). This all-encompassing component includes both tax and non-tax elements, comprising provincial taxes, fees, and fines collected by various departments for taxation and regulatory purposes.
Finance Minister emphasized the critical need to enhance provincial revenue, thereby bolstering the economic stability of Khyber Pakhtunkhwa. The primary objective of the session was to deliberate and implement strategic measures aimed at achieving ambitious provincial own-source revenue targets, set at an impressive PKR 85 billion for the fiscal year 2023-24. This commitment underscores the finance department steadfast dedication to overcoming financial challenges, with an additional PKR 10 billion added to the target compared to the previous year's budget.
The Finance Secretary provided a pertinent update during the forum, highlighting that as we approach the conclusion of the initial six months of 2023, the current revenue collection indicates a shortfall against the target. Despite this, the Provincial Revenue Review Committee, in collaboration with major revenue-generating entities and with technical support from SNG, has undertaken a comprehensive analysis of the existing situation of own-source revenue. Importantly, commitments have been secured from these entities. Several key decisions have been made to boost provincial revenues, including the remapping of receipts under strategic principles defined for FY 2023-24.
The finance minister Mr. Bangash appreciated this collaborative effort, involving major stakeholders and technical expertise, emphasizes the unwavering commitment of the KP government to achieving fiscal targets and enhancing the financial stability of Khyber Pakhtunkhwa.
