Senate committee orders FBR to withdraw new property valuations

Senate committee orders FBR to withdraw new property valuations

Senate committee orders FBR to withdraw new property valuations

Islamabad: Parliamentary Panel instructed the withdrawal of a 100-700 percent increase in valuation of the immovable properties by FBR. 

Sources suggest that the meeting of the Senate Standing Committee on Revenue, Finance, and Economic affairs was held under the chairmanship of Senator Talha Mahmood at the Parliament house. Senator Kamil Ali Agha also expressed concern for the serious uncertainties regarding the mechanism adopted by the FBR concerning the valuation of Properties. 

He also asserted that the FBR had increased the value of properties from 100 to 700 percent without any logical justification to validate this decision. There are anomalies that exist not only at the Federal but also at the district level concerning the valuation of properties seeing as how the FBR did not make the consultation with the real stakeholders, Senator Agha added. 

Chairman FBR claimed that the FBR has adopted the same mechanism for the revaluation of immovable properties as practiced previously. However, the resources that are required for comprehensive on-ground assessment of properties for valuation. 

In addition to this, the senior office bearers of the Islamabad Chamber of Commerce and Industries and members of the other real estate organizations like ABAD informed the committee that FBR has increased the value of properties without any due deliberation in Lahore, Islamabad, and the other cities of Punjab. 

He also remarked that the FBR has determined the value of properties with good intention, and the price may be lower or higher somewhere. But we are ready for the review of the revaluation of immovable properties. 

The Chairman Committee responded that the FBR should provide ample time for the industry to comply and adjust their business for all the future regulations besides taking all the relevant stakeholders on board. 

He also directed the FBR to revoke the recent SRO that was issued in this regard and also urged the FBR officials to determine the value of immovable properties in consultation with relevant stakeholders for the next fifteen days.


 

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