Govt considers granting amnesty for valuation of immovable property

[ahlam1399]

Govt considers granting amnesty for valuation of immovable property

ISLAMABAD: While refusing to budge before any pressure on valuation of immovable property approved in the budget, the government has decided to consider different options including granting one time amnesty scheme for regularising past transactions and bringing range of valuation for different cities on the basis of market prices to end this lingering controversy and facilitating taxpayers.

Some deliberate efforts were made within the FBR to spoil highly bold steps taken by the government with full backing of Finance Minister Ishaq Dar who decided to go all out for plugging big hole of black eco**my where everyone knew that multi-billion dollars transactions were done at the cost of national exchequer but ** one bothered to bring real potential under tax net.

Before an**uncement of budget, at least three efforts were made at the highest level to exclude this proposal from Finance Bill 2016-17 but the Finance Minister Ishaq Dar took firm stand and inserted it at the last moment.

Finance Minister Senator Mohammad Ishaq Dar held a meeting with senior FBR officials here on Wednesday. Special Assistant to Prime Minister on Revenue, Haroon Akhtar and Chairman FBR were present on the occasion.

According to different proposals under consideration include that one time amnesty scheme may be introduced to declare the property at actual cost and pay taxes at 2% or 3% on the amount of difference between declared cost and actual cost. Such differential amount may be added to declared assets after availing such scheme and payment of taxes. Also, if the property is held for more than five years, ** such taxes may be paid.

There are two schools of thought within the government ranks on this scheme and the government might take final decision on it by end of the ongoing month. A**ther proposal is to impose a fixed tax to be paid at every time of sale of property may be introduced which is to be charged on amount of difference between Collector Value and Market Value.

Third proposal under consideration is related to provinces which must be convinced to revamp values in valuation table **tified by the Collector of the districts under section 27-A of the Stamp Act, 1899 at par with the current market values. In cases where the difference between values as per valuation tables and market value is substantial, the values may be gradually increased over a period of 2 to 3 years.

The sources said that the government would **t back out from this tax on valuation of property as it would help plugging black eco**my. “The conservative estimates suggest that the FBR can collect at least over Rs30 billion with revised mechanism of valuation of property,” said the official.

According to Finance Ministry’s an**uncement after meeting under chairmanship of Finance Minister, the meeting considered recent amendments through Finance Act, 2016 on valuation of immovable properties and the reported opinions of various stakeholders.

The minister advised chairman FBR to convene a meeting with all the stakeholders to attain their views in the matter at the earliest.

The finance minister also on the occasion felicitated the FBR team for working industriously to achieve the revenue target for the fiscal year 2015-16. He praised their efforts and hoped that the next year’s target of Rs3621 billion, though a challenging one, would also be achieved if the same spirit of hard work and sincerity of purpose is maintained. He advised the FBR officials to work out the modalities and action plan for successfully achieving the target. Senior officials of the Ministry of Finance attended the meeting.





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