Ijaz Kakakhel Islamabad
A legislative body of Upper House of Parliament on Monday directed Federal Board of Revenue to revoke the recent SRO, which related to valuation of immovable properties.
The committee expressed serious concern that immovable properties valuation in 40 cities of the country was increased from 100 to 700 percent without proper consultation with stakeholders concerned.
The committee after deliberations urged the FBR officials to determine the value of immovable properties in consultation with relevant stakeholders in next 15 days.
During the on-going consultation process for a new mechanism, previous regulation and arrangements should be put in place so that businesses can run as usual.
For all the future regulations the FBR should provide ample time for the industry to comply and adjust their businesses accordingly.