FBR prepares for upward revision in valuation of immovable properties
Islamabad: The Federal Board of Revenue (FBR) decided to upward revise the values of immovable properties so they can be at par with the prevailing market rates, according to media reports. Read: FBR shares latest figures on no. of filers, tax revenue According to the details, field formations will be carrying out the revision task, prompted by the instructions of the International Monetary Fund (IMF), that must be completed by the end of this month. It was mentioned that focal persons were appointed to update the values of immovable properties after reviewing the existing Statutory Regulatory Order (SROs). Moreover, the updated valuation data will be shared by field formations for an upward revision in the relevant SROs of different cities. FBR has also requested the field office to identify areas that were not part of SROs. Moreover, the board has also asked the field formations to highlight any irregularities in the valuation tables. Furthermore, the rates for the valuation of tables will be revised and the relevant Regional Tax Office will check them for any anomalies left during the process. This revision of valuation tables of immovable properties is to improve revenue from sale/purchase transactions. Read: POS Registration: FBR issues notices to tier-1 retailers Another source reported that FBR’s deadline for submission of revised valuation of immovable properties by all field formations is today (October 13). It was disclosed that the Regional Tax Offices (RTOs) will oversee the task as the individual taxpayers fall under their jurisdiction. FBR asked RTOs to submit a revised valuation of immovable properties by 5 pm today.