Home > Business > Preferred FBR for Property Valuation

Preferred FBR for Property Valuation

The Senate Standing Committee on Finance approved an amendment to Income Tax Bill 2016. This bill has been amended to shift the power of valuing property prices from the State Bank of Pakistan (SBP) to the Federal Board of Revenue (FBR). This idea was initially given by the Ministry of Finance when the latest budget was being presented.

This decision was initially opposed by the Senate committee and the government decided to appoint independent valuators from the SBP. This amendment presented to the Senate committee by the FBR Chairman sought to empower the FBR in order to value property prices at every major deal as it deemed appropriate. When the committee forwarded the amendment to the Senate, a few changes were proposed. This amendment has to be forwarded to the National Assembly after approval.

According to this amendment, FBR will not be having powers to value every property deal and the change in property price will also not be as deemed fit by the FBR. However, the changes shall be made on annual basis despite what month it is. In this way, everybody will know about the official rates in the area and it will readily limit FBR’s powers to value each and every deal.

This amendment caused people to have intense discussion. There were members, which strongly opposed the idea. Ensuring transparency was one of the central arguments that opposed the amendment. No matter what the motives of people were, corruption should not be promoted through this.

Afreen is a young writer and visionary towards life predominantly. I believe that writing is similar to life; it inspires surprises and creates. Being a Literature Masters, I am passionate about viewing the world with literary spectacle. Solely in love with this beautiful part of Universe called Pakistan, I am creating words and ideas for CharchaGuru.

Share this article
POST A COMMENT
USER COMMENTS

Pakistan, Qatar si

February 10, 2016 was marked the day of signing the long-awaited multi-billion dollar deal between Pakistan and Qatar related to liquefied natural gas (LNG). Th...

Privatization of P

The recent chaos on the privatization of PIA has created a lot of debate among the entire nation. There are people favoring this privatization and others, which...

Pakistan & Iran Re

Finally, relations between Pakistan and Iran go on the next level by reaching the ferry level! As announced by the Pakistan’s Minister for Ports and Shipp...

Preferred FBR for Property Valuation

The Senate Standing Committee on Finance approved an amendment to Income Tax Bill 2016. This bill has been amended to shift the power of valuing property prices from the State Bank of Pakistan (SBP) t...