The Punjab government has proposed measures in the budget for 2014-15 to revamp its tax administration to curb tax evasion and raise collection through imposition of new levies, rationalise the existing taxes and initiating schemes to reward taxpayers in the province.
It is targeting tax revenue of Rs164 billion for next fiscal year, up from original estimate of Rs126bn for the outgoing fiscal year. The additional taxation measures are expected to yield Rs16 to Rs18bn.
The focus of the tax reforms introduced in Punjab Finance Bill 2014-15 is to target luxury houses and car owners.
