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Print Print 2023-04-02

Immovable properties: FBR to unveil increased values from July 1

  • It is also to be noted that the FBR is presently pursuing the agenda of taxation reforms namely Pakistan Raises Revenue Project (PRRP) under the auspices of World Bank
Published April 2, 2023

ISLAMABAD: The Federal Board of Revenue (FBR) will issue increased values of immovable properties from July 1, 2023. The FBR has started the process of the updation of valuation tables of properties across Pakistan in consultation with the provincial authorities.

In this connection, the FBR has issued a notification, on Saturday, for constitution of the committees for the valuation of the immovable properties including new housing schemes, residential and commercial projects.

The FBR has also issued instructions to the field formations to coordinate with the respective district administrations for finalisation of the valuation tables of the immovable properties.

Tax on immovable properties: FBR prescribes relevant form for taxpayers

The FBR has asked the senior members Board of Revenues, Sindh, Balochistan, Punjab and Khyber-Pakhtunkhwa, Gilgit-Baltistan with the request that instructions may be communicated to the Divisional heads/District heads for nomination of representatives of the Board of Revenue for consultation/consideration with the teams constituted by the chief commissioners of Regional Tax Offices.

According to the FBR, Regional Tax Offices (RTOs) should initiate the process to update the existing valuation tables of immovable properties already notified under sub-section (4) of section 68 of the Income Tax Ordinance, 2001.

The terms of reference (TORs) of the committees shall be as under: (i) Updating the rates already notified in valuation tables of immovable properties by the Board, pointing out any under/over valuation.

(ii) Recommendation of rates for areas/cities in respect of which fair market values have not previously been determined by the Board e.g. new housing schemes, residential and commercial projects (apartments). Keeping in view the availability of market rates, if these are available, the same may be included in the draft valuation tables.

(iii) For the purpose of uniformity “Square Yard” should be adopted as unit of measurement.

(iv) Consultation with Real Estate Association of the particular area or any of the stakeholders who should come up with his grievance through the said area association.

(v) The Court/Federal Tax Ombudsman (FTO) directions/recommendations on the existing valuation may be taken into consideration for new valuation.

It is also to be noted that the FBR is presently pursuing the agenda of taxation reforms namely Pakistan Raises Revenue Project (PRRP) under the auspices of World Bank. One of the most significant components of the project aims at harmonisation of valuation of immovable properties between FBR and the provincial governments/districts.

In order to reduce the anomalies, it is also advisable to coordinate with the respective district administrations while finalising the valuation tables as desired by the Board.

The committee may co-opt an Officer of Inland Revenue or any other person for carrying out survey/field visit for the purposes mentioned.

Secretary (Rules and SR0s), Inland Revenue Policy Wing, FBR shall act as focal person/coordinator.

Copyright Business Recorder, 2023

Comments

Comments are closed.

Abrar Ahmed Apr 02, 2023 05:23am
To raise taxes, the first thing that needs to be done is imposition of uniform rate of income tax across the board especially the agriculture sector. Is it not ironic that a small shop keeper is being taxed and a 500 acre land lord is not ???
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Zareena Apr 02, 2023 11:29am
Yeh sab jhut hai. Humain to nai Mel raha hai frée floor
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Zareena Apr 02, 2023 11:31am
Yeh saab jhout hai humain to free floor nai mela,,,,, hum bhi to poor hai,,,, yaha to ameero ko mel raha hai...... Lanaat hai un py jo kehty hai yeh gareebo ky lia hai ur ap ny lia bacha bacha ky rak rahy hai... Police bi aisy hai..... Old ho ya chota bacha Tars nai ahta.... Ksi ko ek nai mel raha.. Ur koi to 3 3 4 5 ly ky jah rhy hai.... Lanaat hai laanat
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KU Apr 02, 2023 12:53pm
But though shall not tax the retailers, wholesalers, banks, and other hidden businesses, who make billions in a week but pay a few thousand as tax. What a joke of a system.
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Noorani Abdul Latif Apr 02, 2023 06:15pm
We ask how much is the expense of income tax department, its salary and building maintenance and how much income tax officers are able to collect from public. The amount income tax officer take and expense of tax department plus collected tax from public is equal 3 times the bribe income tax officers collect. Best policy was introduced by Mehboob ul haq in zia time. As per my understanding income tax officer dont calculate tax properly and send inappropriate notices to harass the public especially near occasions like eid, they collect huge amount of bribe. They spend this bribed amount in gambling, Sharab khori and Zina khori . 90% of all staff is corrupted, only 5 to 10% are geniune officers. May Allah protect Pakistan and make citizens follow right path, the public needs to take action as their hard money earned is collected as tax and is bot properly used in right place. The public should raise voice against every corrupt department.
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Muhammad Ali Khan Apr 03, 2023 02:46am
I think theses comment and disagreements should be posted on world Bank and IMF Website
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Dr fahad Apr 03, 2023 04:07pm
@Abrar Ahmed, shop keeper is also not paying tax
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Syed Anwer Razvi Apr 04, 2023 06:48pm
Had they been honest and upright, they would've made a strict decision to register properties at Market Values as per the Sale Agreements consideration amounts. That way FBR could achieve highest score for tax collection. Typical incompetent burden policy makers.
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