ISLAMABAD: The Federal Board of Revenue (FBR) has postponed the implementation of valuation of immovable properties for removal of anomalies pointed out various stakeholders.
Through different Statutory Regulatory Orders (SROs), the FBR notified valuation tables for immovable properties of 40 cities.
The FBR said that it had consultative process to rectify anomalies in the valuation tables. In this regard the FBR issued an office memorandum giving instructions to field offices.
The FBR said that certain objection had been received highlighting anomalies and aberrations in the newly notified valuation tables.
“Although, the notified valuations have been arrived by the FBR field formations through a rigorous consultative process and wherefore have largely been wee-received, yet the possibility of error cannot be ruled out, and the same cannot be taken as carved in stone,” the FBR admitted.
The FBR said that it had been decided to review and revisit the notified valuation tables wherever overvaluation or undervaluation is pointed out by a stakeholder.
The procedure to be adopted to review the anomalies in the tables is as under:
All the Chief Commissioners Inland Revenue (CCIRs) to constitute Valuation Review Committees (VRCs), and notify them by December 10, 2021.
Any stakeholder having any reservations about valuations may lodge a representation before VRC by December 15, 2021. Chief Commissioners will undertake consultative process with the stakeholders and engage SBP’s approved valuers for determination of values, which could be either more or less than the lately notified valuations.
The VRCs shall decide upon the representations by January 10, 2022, and forward the same to FBR for notification.
All recommendations made by VRCs vis-à-vis revaluations shall be re-notified on January 15, 2022, which shall come into force on January 16, 2022.
In the meantime, SRO No.1534-1572(I)/2021 dated 01.12.2021 are held in abeyance to allow registration of the in-process transactions.