Property Valuation Rates in Major Cities to Rise to 90% of Market Value
The Federal Board of Revenue (FBR) informed a Senate panel that property values in major cities will soon rise to 90% of their market rates, up from the current 75%. This adjustment will be implemented through a new notification.
The FBR also reported that the Tajir Dost Scheme for retailers was unsuccessful. Consequently, they plan to introduce a simpler scheme as a replacement. Senator Faisal Vawda emphasized the importance of passing the budget and continuing privatization efforts.
Several key topics were discussed during the session. 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 amounting to Rs756 billion.
The panel also addressed the difficulties in collecting taxes from small retailers and the challenges posed by limited human resources in the tax department. Beaconhouse National University suggested maintaining tax rebates for teachers, underscoring the importance of supporting educators.
Concerns were raised about the proposed reforms in retail taxation. The discussions highlighted the complexity of tax issues and the need for effective strategies to address them. The FBR and the Senate panel are working together to find solutions to improve tax collection and tackle various challenges in the system.
