SBP property valuators to help tax authorities

KARACHI: Property valuators of the State Bank of Pakistan (SBP) will help the Federal Board of Revenue (FBR) in reviewing the valuation tables of immovable properties released recently.

The FBR in a statement said it had sought assistance from top property valuation experts of the SBP, who will hold meaningful consultations with the key stakeholders, including the real estate agents and town developers.

The FBR said it had recently notified property valuation that was finalised with due diligence and through a consultative process by the field formations.

“This upward revision in property across the country was aimed at bringing the property value closer to the market price, in line with the global best practices,” the FBR said.

This rigorous exercise has been reasonably good. However, the FBR has received a number of complaints from different quarters; wherein, property valuation has been reported to be beyond the market price.

Taking cognizance of this issue and addressing the genuine grievances, the revenue board has decided to engage top property valuation experts of the central bank, who will hold meaningful consultations with the key stakeholders, including the real estate agents and town developers.

“This consultative process will review such cases individually and; thereby, make necessary recommendations to remove distortions if any and bring property value near market price.”

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