From Our Correspondent
ISLAMABAD: Federal Board of Revenue (FBR) yesterday took strong exception to the news reports appeared in a section of the press, claiming that the downward revision of real estate valuation for some areas has partially reversed the policy decision taken in 2016.
The decision taken in 2016 was made for adoption of market value of real estate for the purposes of collection of Federal taxes.
The board in an official statement issued Friday, asserted that there was no deviation or reversal of the policy to revise the FBR rates in phases and make them equal to the market rate in a reasonable period. The revision of rates in six cities was meant only to remove the anomalies in the existing valuation tables.
Thereafter, the FBR rates were fixed after consultation with the stake holders and the overall average of FBR rates were fixed at a certain percentage of the fair market value with the intention to take the FBR rates equal to the fair market value gradually over a reasonable period of time.