ByIslamabad, Pakistan: The Federal Tax Ombudsman (FTO) has issued a notice to the Federal Board of Revenue (FBR) demanding an explanation for the delay in revising valuations of immovable properties across Pakistan.
The FTO has given the FBR a deadline of October 11, 2024, to finalize the revised valuations. Failure to comply may result in proceedings for “Defiance of Recommendations” under Section 12(2) of the FTO Ordinance, 2000.
The FBR has informed the FTO that the new SROs on revised valuations are being finalized. However, the FTO remains concerned about the significant delay in this process. Business Recorder
The FTO’s notice highlights the importance of accurate property valuations for effective tax administration and revenue collection. The FBR is urged to prioritize this matter and ensure timely implementation of the revised valuations.
