Wednesday, 06 June 2012 10:41
ISLAMABAD: The Federal Board of Revenue will curtail the powers of the Inland Revenue officers for valuation of the assets for which the Board has been empowered under the Finance Bill (2012-13) to prescribe rules for valuation or determination of the market value of the assets for implementation of the Capital Gains Tax (CGT) on sale of property.
While reviewing Finance Bill (2012-13) here on Tuesday, FBR Member Inland Revenue Shahid Hussain Asad and Chief Income Tax Policy Dr Muhammad Iqbal informed the Senate Standing Committee on Finance under the chairmanship of Senator Nasreen Jalil of MQM that the FBR has proposed amendment to section 76 and section 77 of the Income Tax Ordinance 2001 through Finance Bill (2012-13). Under the proposed amendments in section 76 and section 77 of the Income Tax Ordinance 2001, the Board may prescribe rules for determination of the cost for any asset. Similarly, the ...