Islamabad: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi has announced that the DC valuation of property will be made equivalent to market value from July 1 onwards–a news source reported. He elaborated that the provincial revenue authorities will increase the DC rates to match their market value after the said date.
Zaidi recently held a press briefing at the FBR Headquarters to this effect; attended by the Advisor to the Prime Minister on Finance Dr Abdul Hafeez Shaikh.
Speaking on the occasion, Zaidi stated that there are four rates for property valuations applicable in Pakistan, including DC rates and FBR rates. Except for 22 notified cities where FBR rates apply, the DC rate is applicable across the country. This is why they need to be updated.
Speaking on the amnesty scheme, he remarked that it differed from previous amnesty schemes in that it aimed to document the economy, and not generate revenue. He also informed about the government’s decision to get the asset declaration laws translated in Urdu, in order to facilitate more people regarding their understanding of them.
