Islamabad: The Federal Tax Ombudsman (FTO) has set a deadline of October 11, 2024, for the Federal Board of Revenue (FBR) to revise immovable property valuations across Pakistan, following a delay of over a year. The news was reported in an article on October 6.
As per details, the FTO issued a formal notice to the Chairman of the FBR, demanding an explanation for the significant delay in completing the revisions. The notice, shared on October 6, 2024, emphasises the importance of timely action, warning that failure to submit a final compliance report by the specified date will result in proceedings for “Defiance of Recommendations” under Section 12(2) of the FTO Ordinance, 2000, against the relevant FBR officials.
In response, the FBR has assured the FTO that new Statutory Regulatory Orders (SROs) concerning revised property values in major cities are in the final stages of preparation. An investigation into the delay had previously led to findings and recommendations on September 6, 2023, with the FTO instructing the FBR to comply with the recommendations of the Chief Commissioner of Inland Revenue (IR), Regional Tax Office (RTO), Hyderabad.
Furthermore, on September 31, 2023, the Secretary for Court Matters at the FBR confirmed that the Inland Revenue Wing is actively engaged in revising valuations nationwide. Draft SROs for various cities, including Mirpurkhas, are expected to be finalized in alignment with recommendations from the Chief Commissioner IR, RTO, Hyderabad.
