FBR to value “posh areas” in real-time

The Federal Board of Revenue (FBR) has been directed to value the communities of Posh areas on a real-time basis.

This step has been directed to form correct evaluation tables for all the housing schemes. According to a news post published on October 13, this step has been taken to prevent the undervaluation of the properties in the housing scheme.

By evaluating them in real time the concerns of the builders and developers are addressed without causing a loss in finances later on.

These concerns have also led to an unclear distinction between commercial, residential, and agricultural plots. This has always confused me during the Developmental process.

Some recent residential schemes have been removed from the real-time evaluation. This deficiency has been noted and will be addressed by the Federal Board of Revenue (FBR) authorities.

The Federal Tax Ombudsman (FTO) has asked for the cost of the construction and built-up structures to be added to the real-time value. The flaws in the old scheme were gaping and have been indicated by the Regional Tax Office (RTO) in Multan.

The current existing reform in Pakistan was an initiative of the World Bank, and is called the Pakistan Raises Revenue Projects (PRRO) initiative.

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