{"id":24735,"date":"2017-01-30T17:34:42","date_gmt":"2017-01-30T12:34:42","guid":{"rendered":"http:\/\/www.zameen.com\/blog\/?p=24735"},"modified":"2020-06-16T14:32:56","modified_gmt":"2020-06-16T09:32:56","slug":"fbr-records-growth-in-property-tax-revenue-shows-willingness-to-fix-valuation-tables","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fbr-records-growth-in-property-tax-revenue-shows-willingness-to-fix-valuation-tables.html","title":{"rendered":"FBR records growth in property tax revenue, shows willingness to fix valuation tables"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-24736 aligncenter\" src=\"http:\/\/www.zameen.com\/blog\/wp-content\/uploads\/2017\/01\/Property-Taxes.jpg\" alt=\"property-taxes\" width=\"600\" height=\"350\" srcset=\"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2017\/01\/Property-Taxes.jpg 600w, https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2017\/01\/Property-Taxes-300x175.jpg 300w, https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2017\/01\/Property-Taxes-537x313.jpg 537w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/p>\n<p>Federal Board of Revenue (FBR) Member Inland Rehmatullah Khan Wazir had a meeting with realtors on Thursday\u00a0January 26, 2017. Some interesting facts were shared in this meeting. According to Wazir, the property tax collected between July 2016 and January 2017 is 74% higher than the tax collected from the property sector during the same time period of the last fiscal year. Reportedly, the number of property transactions registered between July 2016 and January 2017 was also higher.<\/p>\n<p>Addressing the meeting, Wazir said that amendments in the Income Tax Ordinance have left good impacts on the property sector, as the number of property transactions recorded during the first seven months of the current fiscal year was 116,000 compared to 106,000 recorded during the same time period in the last fiscal year. He also shared FBR stats regarding the total property tax the board collected in these seven months. According to him, PKR 7.3 billion was collected from property transactions in 6 months. This figure was PKR 4.2 billion in the corresponding months in the last fiscal year.<\/p>\n<p>Talking about the major concern of realtors, Wazir said that the anomalies in the valuation tables will also be removed.<\/p>\n<p>To register their concerns about these anomalies, Pakistan Real Estate Investment Forum (PREIF) was also part of the meeting. PREIF President Shaban Elahi, who also contributes to the Zameen.com Blog (click <a href=\"http:\/\/www.zameen.com\/blog\/misconceptions-about-real-estate-sector-of-pakistan-the-other-side-of-the-story.html\" target=\"_blank\" rel=\"noopener noreferrer\">here<\/a> to read his blog), urged FBR to remove all discrepancies in the valuation tables as the anomalies are preventing the growth in property trade activity in the country.<\/p>\n<p>While PREIF agrees that the amendments made to the Income Tax Ordinance 2001 have brought along a rise in property transaction volume with real estate investors once again finding interest in the property sector, removing the anomalies in the FBR valuation tables can fix the dropped investment volume in certain localities including DHA City in Karachi, DHA Valley in Islamabad and many areas in Lahore and Peshawar.<\/p>\n<p>Elahi highlighted the fact that due to the higher rates mentioned in the valuation tables, transaction cost in these societies is discouraging investors. He is of the view that tax revenue collected from the societies for which FBR valuation tables quote higher values than the market rates can increase if the tables are fixed. Members of the meeting agreed to his point of view and quoted similar examples from different localities in Faisalabad.<\/p>\n<p>Towards the end of the meeting, it was decided that a committee will be formed to look into the matter and find a workable solution to address this issue. Reportedly, Mian Abdul Manan, Makhdoom Syed Mustafa Mehmood, Sheikh Fayyaz Uddin and Muhammad Ali Rashid will be the members of this committee.<\/p>\n<p>As and when more information becomes available in this regard, I will update you about it. Meanwhile you are welcome to share your opinions with \u00a0fellow readers by commenting below.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Federal Board of Revenue (FBR) Member Inland Rehmatullah Khan Wazir had a meeting with realtors on Thursday\u00a0January 26, 2017. Some interesting facts were shared in this meeting. According to Wazir, the property tax collected between July 2016 and January 2017 is 74% higher than the tax collected from the property sector during the same time period of the last fiscal year. Reportedly, the number of property transactions registered between July 2016 and January 2017 was also higher. Addressing the meeting, Wazir said that amendments in the Income Tax Ordinance have left good impacts on the property sector, as the number of property transactions recorded during the first seven months of the current fiscal year was 116,000 compared to 106,000 recorded during the same time period in the last fiscal year. He also shared FBR stats regarding the total property tax the board collected in these seven months. According to him, PKR 7.3 billion was collected from property transactions in 6 months. This figure was PKR 4.2 billion in the corresponding months in the last fiscal year. Talking about the major concern of realtors, Wazir said that the anomalies in the valuation tables will also be removed. To register their concerns&hellip;<\/p>\n","protected":false},"author":18,"featured_media":24736,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[3687],"persona":[],"class_list":{"0":"post-24735","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-f-15","9":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FBR records growth in property tax revenue, shows willingness to fix valuation tables - Zameen News<\/title>\n<meta name=\"description\" content=\"Federal Board of Revenue (FBR) Member Inland Rehmatullah Khan Wazir had a meeting with realtors on Thursday\u00a0January 26, 2017. Some interesting facts were\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/fbr-records-growth-in-property-tax-revenue-shows-willingness-to-fix-valuation-tables.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FBR records growth in property tax revenue, shows willingness to fix valuation tables - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Federal Board of Revenue (FBR) Member Inland Rehmatullah Khan Wazir had a meeting with realtors on Thursday\u00a0January 26, 2017. 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