LAHORE  -  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. The spokesperson said that while concen­trating upon the broadening and real­ization of due arrears under withhold­ing and service provisions from digital platforms having turnover in billions with digital presence, a target of Rs. 4 billion has been set for the current fis­cal year as compared to Rs. 2.45 billion revenue collection achieved during the last fiscal year. In the hospitality sector, a number of popular and luxu­rious hotels are now under the radar of authority for withholding of con­struction, building maintenance, and franchise payments. The tax authority has already issued show-cause notices to recover outstanding amounts of Rs. 209 million. A target of Rs. 4 billion has been set in this sector for current fiscal year as compared to last year’s collection of Rs. 2.14 billion.