IMMOVABLE PROPERTY RATES: CHIEF SECRETARIES ASKED TO EXPEDITE REVIEW OF EXISTING VALUES
Federal Board of Revenue has requested the Chief Secretaries of all the four provinces to respond at the earliest on the Federal Cabinet's decision to review the existing valuation rates of the immoveable properties in their provinces for the purpose of transfer of such properties.
Following the observation of the Federal Cabinet, in its meeting held on June 11, 2008, that valuation rates of immoveable properties do not commensurate with the fair market value of such immoveable properties, the Federal Finance Minister, in his letter dated June 16, 2008, had requested the Chief Ministers of all the four provinces to review and rationalise the existing values fixed for the purpose of their transfer.
Federal Government has not received any response from any of the province so far which indicates that the matter is still under consideration of the provincial governments and the revision of the rates is yet to be made.
It may be noted that the revision of the existing fixed rates was expected to be completed during the month of June and was to be made effective from July 1, 2008.
Member (Direct Taxes), FBR, in his separate letters dated August 13, 2008, has requested all the Chief Secretaries to look into the matter personally and do the needful at the earliest.