KARACHI: The State Bank of Pakistan (SBP) has notified a list of property valuers who will be authorised to determine the market values of immoveable properties.
The SBP list contained 59 valuers registered with the Securities and Exchange Commission of Pakistan (SECP). They are allowed to determine the value of up to Rs1.5 billion.
The fair market value will help the Federal Board of Revenue in generating suitable capital gains from the real estate business transactions. The central bank also invited fresh application from the aspiring valuers.
“The panel would continue to remain effective till the time Valuers Registration and Governance Regulations 2016 notified by the SECP through SRO 348(I)/2016 dated April 20, 2016 is enforced and appropriate amendment in laws has been made,” the SBP said in a notification.
The list of approved valuers is in compliance to the amendment into the Income Tax Ordinance, 2001 under which an Inland Revenue Commissioner has been authorised to reject property transaction value and ask assistance from the SBP approved valuers to determine the open market value of a property.
The SECP registers valuers in five different categories. A panel has a mandate to carry out valuation of agriculture, residential and commercial lands and residential and commercial structures and buildings. But, it can’t set price of industrial plants and infrastructural construction.
This panel consists of engineer, chartered accountant or a cost of management account and a practicing lawyer having experience in property documentation and ancillary matters.
Under the commission’s laws, the panels are allowed to provide valuation services to banks.
