The report added that the government of Punjab has made significant progress in public financial management (PFM) reforms. PHOTO: FILEThe Punjab government needs to enhance cooperation between the three provincial tax authorities to facilitate compliance, tackle tax evasion and reduce the cost of tax collection in a bid to capture its potential tax revenue, stated a World Bank report. The Punjab Finance Department will have to implement World Bank’s proposal in its newly sanctioned loan of $554 million under Punjab Resource Improvement and Digital Effectiveness (PRIDE) Program. The bank said that at present, no linkages among Punjab tax authorities’ databases or with third parties exists though Punjab Revenue Authority (PRA) and Federal Board of Revenue have signed memorandum of understanding for sharing data. By the end of this program, Punjab’s tax authorities such as Punjab Revenue Authority, Board of Revenue and Excise and Taxation department should have access to shared data links to third parties.

Source: The Express Tribune November 15, 2020 03:22 UTC