KARACHI: Federal Board of Revenue (FBR) Chairman Nisar Mohammad Khan has briefed Federal Minister for Finance Ishaq Dar about the discussions and deliberations being held between the FBR and the representatives of real estate associations.
During the meeting, Khan informed the Dar that the discussions proved “fruitful”, as the representatives of the real estate associations have agreed to continue the process of dialogue.
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Dar asked the FBR chairman to present a detailed report in five days so that a final decision regarding the property tax should be taken.
The sources informed Customs Today that the Federal Finance Minister Ishaq Dar further asked the delegation of the real estate to present a draft regarding the evaluation of property.
It is pertinent to mention here that the issue in connection with property tax has been raised when the government has imposed registration of property at “market price” instead of “government price” (DC value).
After the decision by the government came out, the Association of Builders & Developers (ABAD) and representatives of real estates’ association have expressed their deep concerns over the decision taken by the government.
The government further amended the Finance Bill and declared that the evaluation of the property should be done at market value and not at government value, adding that a panel of State Bank of Pakistan (SBP) would evaluate the registration cost of the property after conducting survey of the properties.
The sources further informed this scribe that the both sides including government and property’s representatives are agreed upon to find a suitable way of the said issue.
