ISLAMABAD: Chairman Federal Board of Revenue (FBR) Nisar Muhammad Khan, Tuesday, ruled out the possibility of introducing any new tax amnesty scheme in near future. He also turned down the impression that amendments in the Income Tax (Amendment) Bill, 2016” (Ordinance No. XLIX of 2001) was tax amnesty scheme for whitening the black money.
In a brief interaction with Customs Today prior to the meeting of the National Assembly Standing Committee on Finance and Revenue, Nisar Muhammad Khan said that the proposed amendments in the different clauses were not tax amnesty scheme. Actually, entire law needs to the studied and understood completely and thoroughly.
A brief explanation about the matter in a document presented before the committee states, an amendment has been made in the section 68 of the Income Tax Ordinance 2001, whereby the fair market value of immovable property is required to be determined on the basis of valuation made by a panel of approved valuers of the State Bank of Pakistan.
Thereafter the Income Tax Amendment Ordinance 2001 was promulgated on July 31, this year through which FBR was empowered to specify rates for the purpose of valuation of immovable property. FBR notified valuation tables in respect of property in twenty one cities in accordance of the said amendment.
At present three separate rates prevalent in respect of valuation of immoveable properties are in practice, rates notified by the district Collector (DC rates) for purpose of levy stamp duty/ CVT by provincial authorities. Rates in respect of immoveable property notified by FBR and actual market rates at which the transactions in immoveable property are being made.
Later while explaining the issue before the committee, Nisar Muhammad Khan was of the stance that FBR tried to get closer to the fair market rate of immoveable properties by notifying the rates. However, on the recommendation of the committee, FBR may review the process of valuation of rates of immoveable properties in the upcoming budget” he observed.
