LAHORE: The Punjab Revenue Authority (PRA) has set an ambitious revenue collection target of over Rs. 80 billion for the current fiscal year, aiming to achieve an overall target of Rs. 240 billion.
This target encompasses diverse key sectors such as Information Technology (IT), Real Estate, and Hospitality.
As per the details, compared to the previous year’s collection of Rs. 12.6 billion, this goal marks a significant increase.
According to a spokesperson from the PRA, under the leadership of Chairperson Javed Badar, the Authority is actively taking steps to diversify revenue streams and bolster fiscal resilience.
The focus lies on expanding tax compliance and recovering outstanding arrears from various sectors and prominent businesses operating in the province.
The real estate sector, in particular, has been identified as a potential source of substantial revenue.
With more than 1400 societies under the jurisdiction of the Lahore Development Authority (LDA) and Rural Development Authority (RUDA), the taxable area covers a vast expanse, assessed at a rate of Rs. 100 per square yard.
In the realm of property developers and promoters, an ambitious revenue target of Rs. 48 billion has been set for the fiscal year 2023-24, a significant increase from the meager collection of Rs. 0.478 billion in the previous year.
The focus is on ensuring compliance related to revenue from various services within this sector, such as property development, promotion, construction, real estate management, advertising services, janitorial services, and more.
In addition, the target also includes services provided by property dealers, architects, town planners, landscape designers, and legal professionals, subject to withholding provisions.
In the construction sector, a revenue target of Rs. 14.6 billion has been established for the current fiscal year, compared to the previous year’s collection of Rs. 4.08 billion.
The spokesperson informed that show-cause notices have been issued against major contractors, malls, housing societies, and town planners based on assessments using agreements, bank statements, and financial statements of high-rise buildings in Lahore.
Source: Pak Observer
