Islamabad: The World Bank (WB) has urged the Federal Board of Revenue (FBR) to release updated valuation tables of immovable properties across the country, according to news published on October 4.
As per the details, a meeting between the WB and FBR members will be held soon. The financial institution seeks Pakistan to expand the tax base, improve audit capacity, and real-time monitoring of the point of sales system integration under the WB-funded Pakistan Raises Revenue (PRRP) programme.
The total cost of the Pakistan Raises Revenue (PRR) Project is USD 1.6 billion and it is expected to be completed by December 2024. The FBR is planning to undertake the PRRP to upgrade Information and Communication Technology (ICT) across the country. The objective of the project is to contribute to a sustainable increase in domestic revenue by broadening the tax base and facilitating compliance.
Moreover, the FBR is to release updated values of immovable properties in the next 1 to 2 months. It was mentioned that the authority has already commenced the process of upgrading valuation tables or properties across the country in collaboration with the provincial authorities.
The meeting will also discuss the status of the single returns portal for provincial general sales tax (GST) authorities under the GST harmonization agenda. Under the WB-funded program, the FBR has finalized the Stakeholder Engagement Plan (SEP) to engage stakeholders.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
