Tuesday, July 23, 2024

Property Valuation Rates in Major Cities to Increase to 90% of Market Rate

The Federal Board of Revenue (FBR) informed a Senate panel that property values in major cities will soon increase to 90% of their market rates, up from the current 75%. This change will be implemented through a new notification.

The FBR also mentioned that the Tajir Dost Scheme for retailers did not succeed. As a result, they are planning to introduce a simpler scheme to replace it. Senator Faisal Vawda stressed the importance of passing the budget and continuing with privatization efforts.

During the discussions, several key topics were covered. There was a proposal to abolish the General Sales Tax (GST) on newsprint. Additionally, there was a focus on broadening the tax base to include more taxpayers and uncovering tax frauds totaling Rs756 billion.

The panel also discussed the difficulties in collecting taxes from small retailers and the challenges posed by limited human resources in the tax department. Beaconhouse National University suggested keeping tax rebates for teachers, highlighting the importance of supporting educators.

Concerns were also raised about the proposed reforms in retail taxation. The discussion reflected the complexity of tax issues and the need for effective strategies to address them. The FBR and the Senate panel are working towards finding solutions to improve tax collection and address various challenges in the system.

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