ISLAMABAD: Federal Board of Revenue (FBR) is planning to establish an autonomous institute to halt mis-declaration, under valuing and lowering rates of immovable property named “Directorate General of Immovable Property”.
Official sources told Customs Today that Federal Board of Revenue has introduced a law while inducting new Section 320 in the Income Tax Ordinance 2001.
Directorate General of Immovable Property will specially deal with issues and matters related to immovable property.
According to Sub Section 4 of new Section 320 in the Income Tax Ordinance 2001, if the value of the immovable property is lower than the fair market rate/value the buyer will show the cause and reason in written. The amendment will be effective from July 1 2018.
Sources added that FBR has also planned to establish separate Appellate Tribunal to resolve and tackle the tax related issue pertaining to immovable properties. The amendments are inducting in the new Finance Bill 2018 which will be in effect from July 1, 2018.
