Islamabad: The Federal Board of Revenue (FBR) has notified the establishment of a directorate general dedicated solely to address matters regarding real estate and immovable properties, a news source reported. Director General for Broadening of Tax Base Muhammad Tanveer will head Directorate General Immoveable Properties (DGIP).
The notification also includes the details on scope, operational mechanics and procedural parameters of DGIP, which was announced in Finance Act 2018.
FBR has also notified three of its officials to the directorate. They are Saba Rehmat, deputy director north, Asim Reza, assistant director central, and Mehran Khan, assistant director south.
DGIP will deal with matters regarding open plots, constructed properties – including residential, commercial and industrial, agricultural lands, housing schemes, projects, societies, towers, chains of luxury apartments and other related assets.
The newly established authority will also conduct geo mapping of immovable properties. The process involves digitised property mapping, geo referencing based on digitised survey, and photogrammetry. Moreover, it will carry out valuation of immoveable properties in collaboration with private property-valuers, periodic indexing of valuation, updating the data based on market surveys and tracking online marketing of immoveable properties.
DGIP has been tasked to map rented properties at major urban centres, industrial estates, zones and areas and track foreign real estate operations operating within the country. Departments concerned such as provincial excise, taxation and land revenue authorities will collaborate with DGIP to provide input to Inland Revenue (IR) Policy and Operations wings.
