ISLAMABAD: Under the World Bank’s loan conditions, the Federal Board of Revenue has decided to jack up valuation rates of properties in the range of 13 to 15 per cent on average in different.
ISLAMABAD: Just ahead of the upcoming budget, Islamabad Revenue Administration has whimsically devalued real estate by Rs 4.5 trillion by revising downward DC rates, which will facilitate massive.
Rs310b annual tax evasion by five sectors thenews.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenews.com.pk Daily Mail and Mail on Sunday newspapers.
Rs310b annual tax evasion by five sectors
National
May 27, 2021
ISLAMABAD: Tax evasion and illegal trade in five sectors - tea, tyres & auto lubricants, pharmaceuticals, illicit cigarettes and real estate - are inflicting a whopping annual loss of Rs 310bn to the country’s exchequer.
The annual loss to the national kitty because of tax evasion in the tea industry was estimated to stand at Rs35b; in the tyres and auto-lubricants industry Rs90b; in the pharmaceutical industry Rs 45bn; in the illegal tobacco trade Rs80b;; and in the real estate sector to be Rs60b, says a research paper by IPSOS, which is headquartered in Paris and has a direct presence in 90 major markets with operations in 120 countries.
Punjab govt to revise property rates in upcoming budget
Top Story
April 22, 2021
ISLAMABAD: Punjab government has decided to revise upward its valuation table rates of properties in consultation with the stakeholders for their respective jurisdictions for the upcoming budget 2021-22, it is learnt.
Currently, there are three different valuation rates exist for properties as one notified by FBR, second valuation rates notified by DC in their respective districts and third actual valuation of the property on the basis of the actual value market value of property in each area of city or town.
According to official communication, sent out by Punjab’s Board of Revenue to all deputy commissioners/district collectors, stating that the collectors of districts are empowered to notify the rates of immoveable properties in the area of their jurisdictions under Section 27-A (1) of the Stamp Act, 1899 read with Punjab Stamp (Valuation Table in respect of Immoveable Property) Rules 1999. T