ISLAMABAD: The Federal Tax Ombudsman (FTO) has issued a notice to the Chairman Federal Board of Revenue (FBR) calling for an explanation for delay of over one year in revision of valuations of immoveable properties across Pakistan.
In this regard, the FTO has issued an explanation letter to the FBR Chairman.
The FTO has also given a deadline of October 11, 2024 to the FBR for revision of values of immovable properties across the country.
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The FTO has warned FBR Chairman that, “in case of failure to furnish final compliance report on or before the said date, proceedings for “Defiance of Recommendations” under Section 12(2) of the FTO Ordinance, 2000 shall be initiated against Respondents (FBR officials).
Responding to this, the FBR has informed the FTO that the new SROs on revised values of immoveable properties in all major cities are being finalized in due course of time.
According to the FTO’s “notice for explanation” issued to various senior FBR officials, whereas the said complaint was investigated by The FTO office and vide Findings/Recommendations dated September 6, 2023, the Federal Tax Ombudsman had recommended that In view of supra, FBR to direct the concerned Member IR, FBR to do the needful in the light of recommendations of the Chief Commissioner IR, RTO, Hyderabad and report compliance within 30 days.
The Secretary (Court Matters), FBR vide letter dated September 31 2023 informed that Inland Revenue (IR) Wing is engaged in exercise of revision of valuations of immoveable property across Pakistan and draft SROs regarding revision of valuations of immoveable properties in respect of various cities across Pakistan including Mirpurkhas shall be finalized in due course of time in the light of chief commissioner Inland Revenue (CCIR), Regional Tax Office (RTO), Hyderabad’s recommendations.
Copyright Business Recorder, 2024
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