Trade bodies have rejected Federal Board of Revenue (FBR) property valuation tables, saying that it is not acceptable for industrial land as well as other part of the city for being very high, unrealistic and as such are not applicable. A joint meeting of Federation of Pakistan Chambers of Commerce and Industry, (FPCCI), Karachi Chamber of Commerce and Industry (KCCI) and representatives of town associations of Karachi was held at Federation House to discuss the issues related to the high valuation of industrial areas' property.
They also expressed series concern as these valuation tables were prepared without consultation of the stakeholders. They noted that there were many legal flaws in the valuation system which needs to be removed in consultation with the FPCCI and other concerned stakeholders as there could not be two regulators. The participants also emphasised that amendments to the valuation tables be made to make them practical and pragmatic prospectively.
They suggested that suitable amendments be made to the law to remove the lacunae/anomalies at the earliest as almost all the transaction of the properties at present are stand-still. They urged Finance Minister Senator Muhammad Ishaq Dar to take immediate notice of the issue and resolve the same on urgent basis so that the transactions/dealings of properties are resumed.
The meeting was attended by Acting President FPCCI Sheikh Khalid Tawab, President KCCI Younus Bashir, , President SITE Association Junaid Ismail Makda, Vice President of FPCCI Zulfiqar Ali Shaikh, Zubair Tufail, Shakil Ahmed Dhingra, Bilal Mulla, Abdul Hafeez Muhammad, Engr. Nisar Ahmed and Abdul Qadir Memon etc.