ISLAMABAD: The Senate Standing Committee on Finance directed the FBR – Federal Board of Revenue that valuation of the immovable property needs to be attached with the financial year with an expansion to mitigate the inflationary effect.
The topic, valuation of immovable belongings, came under conference at the board meeting conducted on Friday.
About the assessment of the valuation of immovable property, the RECA- Real Estates Consultants Association, DHA Islamabad–Rawalpindi were of the idea that this action would conceal the real estate industry in Pakistan. It claimed that nowhere in the world can two separate bodies of the country decide the worth of a single property.
The FBR declared that this move was necessary in wake of the reality that real property value is not displayed. The Committee after attending to both sides directed that valuation of immovable property may be merged with the Financial Year in addition to mitigating the inflationary consequence. It was declared that the Deputy Commissioner of the area must be involved in the whole method.