The Federal Board of Revenue (FBR) has outlined a detailed procedure for the valuation of motor vehicles identified as undeclared or concealed assets in the Income Tax Rules, 2001.
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FBR explains fair market value of property, assets
ISLAMABAD: Federal Board of Revenue (FBR) explained fair market value, which is the price which the property or asset would ordinarily fetch on sale or supply in the open market at that time.
The FBR issued Income Tax Ordinance, 2001 (updated up to June 30, 2020) which explains the fair market value through Section 68.
Following is the text of Section 68 of the Ordinance, explaining the fair market value:
Section 68. Fair market value.—
(1) For the purposes of this Ordinance, the fair market value of any property or rent, asset, service, benefit or perquisite at a particular time shall be the price which the property or rent, asset, service, benefit or perquisite would ordinarily fetch on sale or supply in the open market at that time.
(2) The fair market value of any property or rent, asset, service, benefit or perquisite shall be determined without regard to any restriction on transfer or to the fact that it is not otherwise convertible to cash.
(3) Where the price “other than the price of immoveable property” referred to in sub-section (1) is not ordinarily ascertainable, such price may be determined by the Commissioner.
(4) Notwithstanding anything contained in sub-sections (1) and (3), the Board may, from time to time, by notification in the official Gazette, determine the fair market value of immovable property of the area or areas as may be specified in the notification.
(5) Where the fair market value of any immovable property of an area or areas has not been determined by the Board in the notification referred to in sub-section (4), the fair market value of such immovable property shall be deemed to be the value fixed by the District Officer (Revenue) or provincial or any other authority authorized in this behalf for the purposes of stamp duty.
(6) In respect of immovable property—
(i) component A of the formula in sub-section (2) of section 37;
(ii) “consideration received” as mentioned in Division X of Part IV of First Schedule;
(iii) “value of immovable property” as mentioned in Divisions XVIII of Part IV of the First Schedule; and
(iv) valuation for the purposes of section 111,shall not be less than the fair market value as determined under sub-section (4) or (5).
Explanation.—(1)For the removal of doubt, it is clarified that the fair market value as determined under sub-section (4) or(5) shall be for carrying out the purposes of this Ordinance only.
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Valuation of immovable property identified as concealed asset
ISLAMABAD – The Federal Board of Revenue (FBR) has issued determinations regarding the valuation of immovable properties identified as concealed or undeclared assets under Section 111 of the Income Tax Ordinance, 2001.
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Banks provide statements of account holders to tax authorities
ISLAMABAD – Banks are obligated to furnish statements of deposits and withdrawals of account holders to the Federal Board of Revenue (FBR).
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FBR gets details of buyers, sellers of immovable properties
The Federal Board of Revenue (FBR) is employing a comprehensive approach to enhance tax compliance by obtaining crucial information on buyers and sellers of immovable properties through provincial registrars.
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FBR issues rules for centralized payment of income tax refunds
ISLAMABAD: The Federal Board of Revenue (FBR) on Friday announced the issuance of draft rules for the centralized payment of income tax refunds. The FBR released SRO 1239(I)/2020, proposing amendments to the Income Tax Rules, 2002, aimed at streamlining the refund process and enhancing transparency.
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FBR invites services for real-time monitoring, tracking of cargo movement
ISLAMABAD: Federal Board of Revenue (FBR) has invited Expression of Interest (EOI) from companies providing real-time support for monitoring and tracking of transit / transshipment of goods.
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Rules for determination of value of bonus shares
ISLAMABAD: The Federal Board of Revenue (FBR) has issued the updated Income Tax Rules, 2002, as of September 8, 2020. These rules elucidate the method for determining the value of bonus shares issued by companies that are not listed on the stock exchange.
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FBR stops manual processing of income tax refunds
In a significant move aimed at streamlining and modernizing tax refund processes, the Federal Board of Revenue (FBR) has ceased the manual processing of income tax refunds.
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Faiz Illahi posted as Member Facilitation, Taxpayers’ Education
ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday transferred and posted Dr. Faiz Illahi Memon as Member Facilitation and Taxpayers Education (FATE) with immediate effect.
Dr. Faiz Illahi Memon is a senior BS-21 officer of Inland Revenue Service (IRS) and presently posted as Director General (Special Initiative), Federal Board of Revenue (Hq), Islamabad (stationed at Karachi).
The FBR said that the officer if drawing performance allowance prior to issuance of this notification will continue to draw the same on his new place of posting.
The above named officer is required to Relinquish / Assume charge, using online HRMS facility made available at all FBR major field offices or by using IJP login.