KARACHI: Federal Board of Revenue (FBR) Chairman Nisar Mohammad Khan has constituted a committee to resolve the property evaluation issue.
The FBR chairman constituted the committee on the directives of Federal Finance Minister Ishaq Dar. Sources informed Customs Today that the FBR chairman, before constituting the committee, had developed consensus among all the stakeholders on the issue.
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The sources further said that the chairman has already clarified that the FBR is only responsible for collecting the tax on the federal level while it has nothing to do with provincial matters.
The sources further said that the committee which was constituted by the chairman FBR would also evaluate the property valuation at district level which would be implemented across the country.
It is pertinent to mention here that the federal government in the budget of Fiscal Year2016-17 has directed that the value of the property would be assessed at market value instead on DC value.
After the said decision taken by the government, the businessmen associated with builder and construction industry were expressed their deep concerns over the decision taken by the federal government in Fiscal Year Budget 2016-17.
