Federation and third parties having the confidence of the Federal Government will decide the value of a property following an amendment in Income Tax Ordinance Section 68, reported Wednesday(today).
The fresh amendment will come into action from Friday which will allow the Federal Board of Revenue(FBR) to estimate the value of properties in order to limit tax evasion.
Board comprising of income tax experts, bankers and chartered accountants will serve as government’s helping hand in the matter.
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The board has been permitted by the law to get properties’ values estimated by a third party or experts regarding State Bank of Pakistan.
Authorities stated that tax would be levied according to bigger amount of the two presented by Deputy Commission rate and the board.
