KARACHI: The Federal board of Revenue (FBR) has started its efforts to introduce a new law to increase property tax, Customs Today has learnt.
According to details, the FBR intends to introduce new property law in January 2016 as it is trying to increase property tax and has already prepared a legal document.
According to the new property law, in case anyone sells his property by mentioning its low value, the FBR will have the authority to seized the property by paying him just 25 percent extra from its real selling price. But before taking any necessary action against anyone, the FBR will try to settle the issue through negotiations.
It is quite sure that the new law will be effective from January 2016.
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