Summary The board may seek third party's help for assessment of the value
ISLAMABAD (Dunya News) – Federation and third parties having confidence of the federal government will decide value of a property following an amendment in Income Tax Ordinance Section 68, reported Wednesday.
The fresh amendment will come into action starting from coming Friday which will allow the Federal Board of Revenue to estimate value of properties in order to limit tax evasion.
Board comprising of income tax experts, bankers and chartered accountants will serve as federal government’s helping hand in the matter.
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.
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