Islamabad: The Federal Board of Revenue (FBR) on Tuesday (December 07) – after being notified of the anomalies and aberrations in the newly-notified valuation tables by housing schemes and realtors – has decided to review the valuation tables after consultation with stakeholders, news sources reported. The decision came after the Senate standing committee on Finance and Revenue asked the apex tax body to bring property rates with market parity.
As per the notification, FBR has announced the formation of valuation review committees (VRC), constituted by all chief commissioners of inland revenue (CCIRs) who will notify them by December 10.
The committees will assess the prices and hear complaints about value adjustment from various stakeholders and realtors till December 15. All stakeholders are required to lodge their representations until then.
The chief commissioners will execute a consultative process with stakeholders and engage State Bank of Pakistan’s approved valuers for the determination of values – which can exceed or be less than the notified valuations.
By January 20, 2022, the VRCs shall decide on the representation and forward them to the board for notification. The FBR shall notify the recommendations made by VRCs vis-à-vis revaluations and enforce them on January 16.
In the meantime, the values announced in SRO1534-1572(I)/2021 on December 1 will not be applicable on all in-process transactions until the consultation process is completed and stakeholders are satisfied.