FBR, business community close to end deadlock over immovable property valuation; meet again on July 28

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ISLAMABAD: Federal Board of Revenue and representatives of business community will meet again on July 28 (Thursday) to end deadlock over issue of immovable property valuation as meeting held on Wednesday without reaching an agreement.
Sources in FBR said that the both the sides would again meeting on Thursday at 11:00 AM to consider the valuation data gathered by FBR and 13-member committee, representing business community and gathered data of fair market value and collector rate of 18 cities.
In the meeting held on Wednesday the business community submitted their valuation reports of 18 cities to FBR. On the other hand the FBR also shared the valuation conducted by independent and SBP-approved valuers.
The sources said that both the sides were disagreed on the valuation data but said that they would reach an agreement in next meeting. The sources said that the meeting on Thursday likely to finalize different valuations for immovable properties in different cities.
In Wednesday meeting it was observed the valuation of different cities had significant variation, which made difficult in finalizing uniform valuation of immovable properties across the country.
FBR sources said that scheme for regularization of investment in immovable property was also under consideration. The stakeholders informed the tax authorities about six or seven countries in the world had introduced such schemes to regularize the property investment.

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