Islamabad December 07, 2021: Meeting of Senate Standing Committee on Finance, Revenue and Economic Affairs was held under the Chairmanship of Senator Talha Mehmood here at Parliament House on Monday.
The Committee was briefed by FBR officials on the revised valuation of immovable properties. Senator Kamil Ali Agha expressed his serious reservations regarding the mechanism followed by FBR recently for the valuation of properties. In reply to question, Chairman FBR said that “For re-valuation FBR has followed the mechanism as practiced in the past and FBR does not have sufficient resources for a comprehensive on-ground assessment of properties for valuation.” Senator Kamil Ali Agha asserted that FBR has increased the value of properties from 100 to 700% without any logical justification and rationale. Senior officials from Islamabad Chamber of Commerce and industries and members of other real estate organizations such as (ABAD) informed the Committee that FBR has increased the value of properties without any due deliberation and consultation with relevant Stakeholders.
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FBR ENGAGES EXPERTS OF SBP TO REVIEW PROPERTY VALUATION
The Chairman Committee directed the FBR officials to revoke the recent SRO issued in this regard and urged the FBR officials to determine the value of immovable properties in consultation with relevant stakeholders in next Fifteen days. During the on-going consultation process for a new mechanism, previous regulation and arrangements should be put in place so that businesses can run as usual. For all the future regulations FBR should provide ample time for the industry to comply and adjust their businesses accordingly. Chairman Committee further directed the officials to do thorough due deliberation by taking onboard all the relevant stake holders.
Meeting was attended by Senators, Syed Shibli Faraz, Saleem Mandviwala, Sherry Rehman, Kamil Ali Agha, Saadia Abbasi, Syed Faisal Ali Subzwari, Anwar ul Haq Kakar, Leader of the House, Dr. Shahzad Waseem, Senior officials from FBR and representatives of real estate organizations.
