KARACHI: The Federal Board of Revenue (FBR) is considering amending Income Tax Ordinance-2001, it is learnt here.
Sources told Customs Today that the FBR has already taken the consent of the federal government in order to make some amendments in the Income Tax Ordinance-2001 in connection with the determination and valuation of the prices of the residential and commercial units.
The sources said that the decision to this effect has been taken in a meeting held at the FBR headquarters in which it was emerged that the government is not getting appropriate ratio of property tax.
Owing to the current situation, the federal government has decided to make amendments in Income Tax Ordinance-2001 linked with the business of real estate, as it was came into noticed that the property is being sold below the market value and thus the income tax received by the government is very low.
The sources further informed that the FBR would determine the value of the residential and commercial units adding that it is not bound to the provincial government in order to evaluate the value and cost of the residential and commercial property.
Responding to a query, the sources said that the FBR would implement the said amendment after the end of the current Fiscal Year 2015-16.
