With an overall target of Rs 240 billion, the Punjab Revenue Authority (PRA) has set an ambitious over Rs 80 billion target of revenue collection from diverse key sectors including IT, Real Estate, and Hospitality for the current fiscal year against last year’s collection of Rs. 12.6 billion.
According to a PRA Spokesperson, the Authority under the dynamic leadership of Chairperson Javed Badar was taking proactive measures to diversify revenue streams and strengthen fiscal resilience. In this regard the focus lies on expanding tax compliance and realizing due arrears from different sectors and prominent business houses operating in the province. The spokesperson further said that real estate sector had been identified as a potential source of significant revenue as over 1400 societies were operating under the jurisdiction of Lahore Development Authority (LDA) and Rural Development Authority (RUDA) covering vast area, taxable at a rate of Rs 100 per square yard.
In the area of property developers and promoters an ambitious revenue target of Rs 48 billion has been fixed for the fiscal year 2023-24 as compared to a meager collection of Rs 0.478 billion in 2022-23. Focus is on compliance regarding revenue from services of property developers, promoters, construction, real estate management, advertisement services, janitorial services, commission agents, contractors for land and development, services provided by the property dealers, architects, town planners, landscape designers and legal professionals, attracting the withholding provisions. In the construction sector a target of Rs 14.6 billion has been fixed for the current fiscal year as compared to the previous year’s collection of Rs.4.08 billion. The spokesperson told that as per LDA data, show cause notices against all major contractors, malls, housing societies, town planners, and also assessment work based on the agreements, bank statements, Financial Statements of high-rise buildings in Lahore involving tax amount of over 1 billion have been issued.
