Punjab Revenue Authority Revenue Target of Rs 80 billion
LAHORE: In order to meet its total goal of Rs. 240 billion, the Punjab Revenue Authority (PRA) has set an aggressive revenue collection target of more than Rs. 80 billion for the current fiscal year.
This focus includes a variety of important industries, including hospitality, real estate, and information technology (IT).
According to the specifics, this aim represents a huge improvement above the Rs. 12.6 billion in revenue collected the year prior.
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According to a PRA spokesperson, the Authority is aggressively working to diversify revenue sources and increase fiscal resilience under the direction of Chairperson Javed Badar.
The emphasis is on increasing tax compliance and collecting unpaid arrears from diverse province-wide industries and well-known companies.
Particularly the real estate industry has been noted as a possible significant revenue source.
The Lahore Development Authority (LDA) and Rural Development Authority (RUDA) have authority over more than 1400 societies, and the taxable area is a sizable territory that is assessed at a rate of Rs. 100 per square yard.
For the fiscal year 2023–2024, an ambitious income target of Rs. 48 billion has been established for the sector of real estate developers and promoters. This figure represents a huge rise from the year’s meagre revenue of Rs. 0.478 billion.
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The emphasis is on ensuring compliance with regard to revenue from several services provided within this industry, including property development, promotion, building, real estate management, janitorial services, and more.
The aim also includes, subject to withholding rules, services rendered by real estate agents, architects, town planners, landscape designers, and solicitors.
For the current fiscal year, the construction sector has set a revenue target of Rs. 14.6 billion, up from Rs. 4.08 billion collected in the prior year.
The spokesperson stated that based on evaluations made using contracts, bank documents, and financial accounts of high-rise projects in Lahore, show-cause notices had been issued against key contractors, malls, housing societies, and town planners.
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