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Property Tax To Fall As FBR Values To Raise Near Market Rates

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The government is planning to decrease the property-tax ratio after they raised the FBR valuations to market rates. The news has been revealed the Federal Minister for Revenue Hammad Azhar. He unveiled this information while addressing media after the launching ceremony of a new website for the Federal Board of Revenue (FBR).

He also briefed the media regarding the most talked-about upcoming Amnesty Scheme. Hammad Azhar believed that such a scheme requires new legislation and it can not be announced through an ordinance.

Hammad Azhar also discussed the proceedings by FBR confirming that the authority has nominated lesser cases for audit this year. This move will assist to cut the cost required for analysis. The minister also mentioned the efforts taken by the government against the non-filers. He said the information on nearly three to four million non-filers is being sourced from NADRA.

Hammad Azhar also expressed his government’s vision of continuing the measures to enhance tax revenue, stretching out the tax net and increase the number of tax-filers. He also mentioned the efforts taken by the government to handle the onshore and offshore tax defaulters. He warned defaulters by saying that the FBR has access to their date and the government is showing flexibility. The reason behind this flexibility is to give defaulters a time to surrender before legal action is taken against them.

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