Thursday, 18 August 2022
Trending
TAXATION

Senate recommends FBR to cancel recently revised property valuation rates

The Senate Standing Committee on Finance, Revenue, and Economic Affairs has recommended the Federal Board of Revenue (FBR) to revoke the recently issued SRO with regard to the revised valuation of immovable properties for 40 cities.

The meeting of the Senate Standing Committee on Finance, Revenue, and Economic Affairs was held under the Chairmanship of Senator Talha Mehmood at Parliament House. Senator Kamil Ali Agha expressed his serious reservations regarding the mechanism adopted by FBR with regard to the valuation of properties.

He asserted that FBR had increased the value of properties from 100 percent to 700 percent without any logical justification and rationale. Anomalies exist not only at the federal but district level with regard to the valuation of properties as FBR did not make the consultation with the real stakeholders, Senator Agha added.

Chairman FBR replied that FBR has adopted the same mechanism for revaluation of immovable properties as practiced in the past. However, he said that we do not have sufficient resources for a comprehensive on-ground assessment of properties for valuation.

In addition, senior office bearers of the Islamabad Chamber of Commerce and Industries and members of other real estate organizations, such as ABAD, informed the Committee that FBR had increased the value of properties without any due deliberation in Islamabad, Lahore, and other cities of Punjab.

FBR has determined the value of properties with good intention, and it is possible that the price may be higher or lower somewhere, but we are ready to review the revaluation of immovable properties, he remarked.

The Chairman Committee said that FBR should provide ample time for the industry to comply and adjust their businesses for all future regulations besides taking on board all the relevant stakeholders.

He also directed the FBR to revoke the recent SRO issued in this regard and urged the FBR officials to determine the value of immovable properties in consultation with relevant stakeholders in the next fifteen days.

tax accounting services top tax consultants lahore pakistan
Ads:
Related posts
TAXATION

Tax on Agricultural Income in Pakistan 2022 | Easy Latest Tax Calculator

Table of Contents Tax on Agricultural Income in Pakistan 2022Tax on Agricultural Income in Pakistan…
Read more
TAXATION

FBR Uploads Income Tax Return Forms for Tax Year 2022

FBR Uploads Income Tax Return Forms for Tax Year 2022 Federal Board of Revenue (FBR) has uploaded…
Read more
TAXATION

How to Verify FBR Active Taxpayer Status in Pakistan

Table of Contents Steps to Check Active Taxpayer StatusHOW TO VERIFY TAX FILER STATUS THROUGH FBR…
Read more
Newsletter
Subscribe Now

Sign up for  Daily Digest and get the best of News for you.

    Leave a Reply

    Your email address will not be published.