The Federal Board of Revenue (FBR) has increased the valuation of properties by 100% to 700% without any logical justification and rationale, remarked Senator Kamil Ali Agha.
Speaking at a meeting of the Senate Standing Committee on Finance, Revenue and Economic Affairs on Monday, he expressed reservations about the mechanism followed by the FBR to determine the valuation of properties.
On the occasion, the FBR chairman argued that for property re-valuation, the board had followed the mechanism adopted in the past and pointed out that the FBR lacked sufficient resources to conduct a comprehensive, on-ground assessment of properties for their valuation.
FBR officials also briefed the standing committee on the revised valuation of immovable properties.
Committee Chairman Senator Talha Mehmood directed FBR officials to revoke the recent SRO issued in this regard and urged them to determine the value of immovable properties in consultation with relevant stakeholders over the next 15 days….
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