Islamabad: The Federal Board of Revenue (FBR) will set up rules to evaluate real estate after Eid-ul-Fitr. The new rules will be a part of Income Tax Rule Ordinance 2002, per a news source.
All recommendations will be shared with concerned public departments, real estate stakeholders, income tax experts and general public through the official website of FBR, inviting comments and feedback within two weeks.
The feedback will be used to make a draft on merit, which will be sent to the Ministry of Law and Justice by the end of July, 2016. New rules will then be applied to determine the market value of immovable property throughout the country.
A panel of valuers, appointed by the State Bank of Pakistan, will follow these rules to determine the market value and the FBR will be bound to collect tax on the market rate determined by the panel.
Reportedly, it will be ensured that the final draft of these new income tax rules is transparent, fair and equitable.
