ISLAMABAD: The Federal Board of Revenue (FBR) has directed the Directorate General of Immovable Property to now report to Member (IR-Operations), FBR.

In this connection, the FBR has issued a notification here on Thursday.

According to the notification, in continuation of the Board’s notifications, Director General, Directorate General of Immovable Property, established under Section 230F of Income Tax Ordinance, 2001, shall report to Member (IR-Operations), FBR, HQs, Islamabad with effect from July 1, 2021, and until further order.

The FBR had assigned officers of the Inland Revenue Service (IRS) for the duties to make operational the directorate of immovable properties.According to a past FBR’s order, in addition to the mandate assigned through section 230F of Income Tax Ordinance, 2001, Directorate General IMP-IR shall act as FBR’s specialised agency on all matters relating to real estate/immoveable properties. In pursuance of section 230F of Income Tax Ordinance, 2001 (inserted through Finance Act 2018) a IR field formation namely, DG IMP was raised.

The said section also provides definitions for all implied terms and expressions, the scope, operational mechanics and procedural parameters of this newly-created tax authority and above all contains clearly-spelled grievance redressal mechanism for the aggrieved taxpayers, the FBR’s past order added.

Copyright Business Recorder, 2022