{"id":99777,"date":"2024-10-07T17:22:51","date_gmt":"2024-10-07T12:22:51","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=99777"},"modified":"2024-10-07T17:22:53","modified_gmt":"2024-10-07T12:22:53","slug":"fbr-given-deadline-to-revise-valuation-of-immovable-properties","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fbr-given-deadline-to-revise-valuation-of-immovable-properties.html","title":{"rendered":"FBR given deadline to revise valuation of immovable properties"},"content":{"rendered":"\n<p>Islamabad: The Federal Tax Ombudsman (FTO) has set a deadline of October 11, 2024, for the Federal Board of Revenue (FBR) to revise immovable property valuations across Pakistan, following a delay of over a year. The news was reported in an article on October 6.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/tax-offices-to-become-model-tax-offices-by-2028.html\" target=\"_blank\" rel=\"noreferrer noopener\">All FBR offices to become Model Tax Offices by 2028<\/a><\/p>\n\n\n\n<p>As per details, the FTO issued a formal notice to the Chairman of the FBR, demanding an explanation for the significant delay in completing the revisions. The notice, shared on October 6, 2024, emphasises the importance of timely action, warning that failure to submit a final compliance report by the specified date will result in proceedings for \u201cDefiance of Recommendations\u201d under Section 12(2) of the FTO Ordinance, 2000, against the relevant FBR officials.<\/p>\n\n\n\n<p>In response, the FBR has assured the FTO that new Statutory Regulatory Orders (SROs) concerning revised property values in major cities are in the final stages of preparation. An investigation into the delay had previously led to findings and recommendations on September 6, 2023, with the FTO instructing the FBR to comply with the recommendations of the Chief Commissioner of Inland Revenue (IR), Regional Tax Office (RTO), Hyderabad.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/dhai-takes-fed-property-transfers-ihc.html\" target=\"_blank\" rel=\"noreferrer noopener\">IHC notifies FBR over objection on Federal Excise Duty<\/a><\/p>\n\n\n\n<p>Furthermore, on September 31, 2023, the Secretary for Court Matters at the FBR confirmed that the Inland Revenue Wing is actively engaged in revising valuations nationwide. Draft SROs for various cities, including Mirpurkhas, are expected to be finalized in alignment with recommendations from the Chief Commissioner IR, RTO, Hyderabad.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Federal Tax Ombudsman (FTO) has set a deadline of October 11, 2024, for the Federal Board of Revenue (FBR) to revise immovable property valuations across Pakistan, following a delay of over a year. The news was reported in an article on October 6. Read: All FBR offices to become Model Tax Offices by 2028 As per details, the FTO issued a formal notice to the Chairman of the FBR, demanding an explanation for the significant delay in completing the revisions. The notice, shared on October 6, 2024, emphasises the importance of timely action, warning that failure to submit a final compliance report by the specified date will result in proceedings for \u201cDefiance of Recommendations\u201d under Section 12(2) of the FTO Ordinance, 2000, against the relevant FBR officials. In response, the FBR has assured the FTO that new Statutory Regulatory Orders (SROs) concerning revised property values in major cities are in the final stages of preparation. An investigation into the delay had previously led to findings and recommendations on September 6, 2023, with the FTO instructing the FBR to comply with the recommendations of the Chief Commissioner of Inland Revenue (IR), Regional Tax Office (RTO), Hyderabad. Read: IHC notifies&hellip;<\/p>\n","protected":false},"author":89,"featured_media":99068,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15017],"tags":[3362,59655,54453,3193,59656,58401,56222,54568],"persona":[],"class_list":{"0":"post-99777","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-notices-announcements","8":"tag-fbr","9":"tag-fbr-immovable-properties","10":"tag-fbr-news-and-updates","11":"tag-federal-board-of-revenue","12":"tag-federal-tax-ombudsman","13":"tag-fto","14":"tag-news-and-updates","15":"tag-zameen-news","16":"cat-15017-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 Given Deadline to Revise Valuation of Immovable Properties<\/title>\n<meta name=\"description\" content=\"The FTO has set an October 11 deadline for the FBR to revise immovable property valuations, warning of possible penalties.\" \/>\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-given-deadline-to-revise-valuation-of-immovable-properties.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FBR Given Deadline to Revise Valuation of Immovable Properties\" \/>\n<meta property=\"og:description\" content=\"The FTO has set an October 11 deadline for the FBR to revise immovable property valuations, warning of possible penalties.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/fbr-given-deadline-to-revise-valuation-of-immovable-properties.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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