Lahore: The Federal Board of Revenue (FBR) will reveal the revised valuation of immovable property next month, according to news published on Thursday (October 21).
As per the details, FBR extended the last date (October 13) for field formations to submit the revised valuation of the immovable property after discrepancies were found in the previously submitted valuations.
According to sources, one of the major discrepancies found was the mismatch in the revised valuation with prices of immovable properties on the ground. It was revealed that the prices of immovable properties increased immensely since the announcement of an amnesty scheme by the incumbent government. This increase was not included in the prices, so the board asked the field formations to revise the valuation. It was mentioned that the board will take another week to finalise the rates and the formal notice will be issued by November 1.
It is pertinent to mention that the International Monetary Fund (IMF) asked FBR to conduct a fresh valuation as the board was still using the old valuation since 2015-16. The corporate tax offices (CTOs) and large taxpayer offices (LTOs) were excluded from the process and the focus was on regional tax offices (RTOs).
Furthermore, RTOs in 18 cities were asked to submit a revised valuation of immovable properties. the field formation staff conducted surveys, gathered information from independent sources, and held meetings with real estate agents for the valuation.
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
