ISLAMABAD: In a decisive move to enhance the valuation process of immovable properties, the Federal Tax Ombudsman (FTO) has mandated the Federal Board of Revenue (FBR) to recruit skilled and seasoned valuers. This directive aims to boost transparency and the accuracy of property assessments, particularly spotlighting the Gwadar region’s immovable assets.
The FTO’s latest decree instructs FBR to not only onboard adept valuers but also to establish a permanent anomaly committee at higher echelons. This committee is expected to resolve any disputes stakeholders might have regarding property valuation.
Furthermore, the FTO has stipulated that the FBR should immediately operationalize the Directorate General of Immovable Property, as per section 230F of the Finance Act, 2018. Despite its inception, this directorate has been non-operational, which the FTO emphasizes needs to be rectified for a structured valuation approach.
Recently, concerns were raised when an own motion inquiry by the FTO Secretariat identified serious flaws within SRO.1271(I)/2022. This flawed regulation has created barriers to transparent tax law enforcement in the real estate sector, paving the way for discretional practices by provincial and FBR field staff—resulting in notable revenue losses and allowing spaces for manipulation and money laundering in property transactions.
Previous instructions by the FTO to prompt the activation of the Directorate General of Immovable Property (DGIP) have been met with inertia. The FBR Policy Wing, which temporarily took over DGIP’s responsibilities, has been criticized for not employing professional valuers and issuing defective valuation tables.
In a separate event, Chief Minister Mohsin Naqvi’s visit to Raiwind marked his personal inspection of the low-cost housing scheme’s progress. He scrutinized the amenities within these homes, addressing sewage and drainage completion and fast-tracking the allocation process for government employees. Top officials briefed him on the initiative, reinforcing the government’s commitment to essential housing provisions.
Punjab Govt Delivers Affordable Living with Completion of 245 Low-Cost Houses in Raiwind.