Islamabad: Following notification of inconsistencies and aberrations in the newly-notified value tables by housing schemes and realtors, the Federal Board of Revenue (FBR) agreed to evaluate the valuation tables after consulting with stakeholders on Tuesday (December 07), according to news outlets.
The decision came after the Senate Finance and Revenue Committee requested that the apex tax authority bring property rates up to market parity. FBR has announced the formation of valuation review committees (VRC) made up of all chief commissioners of inland revenue (CCIRs), who would inform them by December 10.
Until December 15, the committees will evaluate the prices and hear complaints regarding price adjustments from various stakeholders and realtors. Until then, all stakeholders are obliged to submit their comments.
The chief commissioners will speak with stakeholders and use authorised valuers from the State Bank of Pakistan to determine values, which can be higher or lower than the published valuations.
The VRCs must decide on representation by January 20, 2022, and submit it to the board for notification. On January 16, the FBR will notify the VRCs of their revaluation recommendations and will put them into effect.
In the interim, until the consultation process is completed and stakeholders are satisfied, the values announced in SRO1534-1572(I)/2021 on December 1 will not be applicable to all in-process transactions.