KARACHI: Federal Board of Revenue (FBR) has defined fair market value of immovable properties and motor vehicles in case of undeclared assets identified. FBR officials said that the valuation of immovable property for the purposes of section 111 of Income Tax Ordinance, 2001 related to undisclosed assets shall be taken to be- (a) the fair […]

KARACHI: The fair market value of assets shall be the value of property in open market at the time of purchase, sources in Federal Board of Revenue (FBR) said. The FBR sources said that Section 68 of Income Tax Ordinance, 2001 explained the methodology for determining the fair market value. Section 68: Fair market value […]