FBR to Consult Stakeholders before Finalizing Evaluation of Properties

Islamabad, The Chairman National Assembly Committee on Finance and Revenue Faizullah Kamoka while addressing the business community in Islamabad Chamber of Commerce and Industry (ICCI) here in Islamabad has said that the Federal Board of Revenue (FBR) will take all the stakeholders including the real estate agents into confidence before finalizing the property valuation so that the issue should be resolved in an agreeable manner. The recent valuation of immovable properties by FBR has risen a storm in the concerned quarters and as a result of a general outcry and the action taken by the Standing committee on Finance and Revenue, the FBR Decides To Revisit Its Decision Of Property Valuation.

The chairman Standing Committee also made it clear that he is in contact with the FBR and soon will arrange a meeting between the Federal Revenue Body and the Board of Revenue, Punjab to address the issue. He said, “The government is cognizant of the problems arising from the Announcement Of New Market Values Of Immovable Property By FBR On December 1, 2021,”. He further said that the issue has been placed on the agenda of the next meeting of the National Assembly Standing Committee on Finance and Revenue. He added that the representatives of ICCI would also be invited to the next meeting of the standing committee. A few days before this FBR's Revised Property Valuation Rejected by RCCI (Rawalpindi Chamber of Commerce and Industry) also.

According to the official statement, the ICCI representatives would give their input with regard to property valuation in the next meeting. He said, “Valuation Review Committees (VRCs) are being established at regional trade office (RTO) level,” he also urged the chamber to nominate its representatives for inclusion in VRCs of RTO, Islamabad. The chairman of the standing committee liked the idea of the establishment of a new industrial estate in Islamabad, with Prime Minister Imran Khan.

Speaking on the occasion, ICCI President Muhammad Shakeel Munir also urged the FBR officials to take the stakeholders into confidence before finalizing the valuation of properties. He said that the increase in the valuation from 100 to 600 percent has led to a general panic among the stakeholders. He also referred that the proposed hike in valuation would reduce the transaction to a great extent that would ultimately result in a reduction of government revenue rather than increasing it “This led to a reduction in property transactions and as a result, the government is losing hefty tax revenue,”