Immovable properties: FTO takes major step to help resolve valuation issue

ISLAMABAD: The Federal Tax Ombudsman (FTO) has started a massive exercise to resolve the problems of the general public in the valuation of immovable properties across the country.

During the press conference held at the FTO Secretariat on Tuesday, Muhammad Naseer Butt, FTO Senior Advisor (Income Tax) said that the FTO has initiated a large-scale exercise to determine the authenticity of values of the immovable properties of FBR/DC values across the country.

Presently, wrong values are applicable to different immovable properties which are a matter of serious concern for the general public. The inaccurate rates and discrepancy in the values of the immovable properties would be removed.

Valuation of immovable properties: FBR suspends proposed increase till next month

On the basis of best international practice, the system should be worked out for accurate valuation of immovable properties, Naseer Butt added.

The recommendations of the FTO office on the valuation of immovable properties would be shared with the media, he added.

Meanwhile, the Federal Board of Revenue (FBR) has temporarily suspended an increase proposed in the valuation of immovable properties till September 2023.

It has been agreed between the FBR and the real estate sector that the FBR for the time being will not issue enhanced values of immovable properties in August 2023. The FBR was in the process of issuing new values during the current month.

Now, the committees will be constituted in each city to work out the new values in consultation with the respective associations of the real estate sector.

Copyright Business Recorder, 2023