Property Valuation FBR State Bank of Pakistan

FBR Pakistan Tax Property ValuationThe Finance Bill 2016 an amendment to Section 68 of Income Tax Ordinance, 2001 had been proposed under which commissioner Inland Revenue had been empowered to reject the collector value of provincial government and appoint valuation committee to ascertain fair market value to determine the income tax.

The amendment seeks to determine fair market value of property without regard to value fixed or notified by any provincial authority for the purpose of stamp or for any other purpose.
Property of posh areas in big cities like Karachi, Lahore, Islamabad which disclosed that the declared value was much lower than the open market value thus causing huge monetary losses to national exchequer.
It is generally observed by the Government Authorities that Property business in big cities had become source of parking undeclared or black money.
The amendment is proposed to be effective from July 01, 2016 but the commissioner IR could able to determine the valuation of past six years as envisaged in the tax laws.
The existing Section 68 explains fair market value as:
(1) For the purposes of this Ordinance, the fair market value of any property or rent, asset, service, benefit or perquisite at a particular time shall be the price which the property or rent, asset, service, benefit or perquisite would ordinarily fetch on sale or supply in the open market at that time.
(2) The fair market value of any property 3[or rent], asset, service, benefit or perquisite shall be determined without regard to any restriction on transfer or to the fact that it is not otherwise convertible to cash.
(3) Where the price referred to in sub-section (1) is not ordinarily ascertainable, such price may be determined by the Commissioner.
Further Section 222 of the Ordinance authorized the commissioner to appoint expert. It said: “The commission may appoint any expert as the commission considers necessary for the purpose of the Ordinance for the purpose of audit of valuation.”

Irfan Mir Halepota, Advocate Supreme Court of Pakistan.

Income Tax Law Firm Karachi Pakistan

Top Law Firms in Karachi PakistanWe are a dedicated Tax Law Firm in Karachi that focuses only on tax legal issues between taxpayers and the Tax authorities. We help our clients efficiently resolve tax disputes, and minimize their tax liability. We are Tax Attorneys that serve in Karachi, Pakistan. We can protect your rights, and help you explore every option for tax relief to obtain the most favorable outcome.

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Telephone: 0321-2057582

Regular Website:  http://www.irfanlaw.com

Law Firm based in Karachi having well experienced Advocates and Lawyers in the fields of Income Tax Law.
E-26, Executive Floor, Glass Tower, Clifton,
Karachi, Sindh
PK
Phone: 03212057582

Income Tax Law Firm in Karachi Pakistan

top_law_firms_pakistanThe lawyers of Irfan Mir Halepota & Associates understand the challenges Pakistani businesses face as the federal and provincial tax systems grow ever more complex. Our mission is to decipher that complexity and provide sensible, business-oriented services to our clients on income tax and Sales Tax matters.

Our business clients routinely ask us to help structure their corporate transactions in a tax-effective manner, including reorganizations, estate freezes, and the purchase and sale of businesses and assets. We deliver tax advice from beginning (new corporations, partnerships and joint ventures) to end (business succession and estate planning) and all points in between.

Dealing with tax authorities isn’t always easy, but almost everyone has to do it eventually. We help individuals, corporations and trusts work with the CBR on a range of income tax or Sales Tax matter matters, including audits, negotiations, collections, objections to a reassessment, and voluntary disclosures.

We maintain an excellent relationship with CBR that helps us to resolve our clients’ matters efficiently and cost-effectively manner. But when agreements can’t be reached, our litigation expertise guides clients through appeals to the Tax Court and Tribunal of Pakistan.

 

We provide following services to our clients

  • Tax returns and Challans.
  • Reply to Show Cause Notices.
  • Tax Compliance.
  • Documentation of Tax record.
  • TAX LITIGATION
  • Legal Representation before Taxation Officer and Hon’able Superior Courts of Pakistan.

Please Contact Us for detailed consultation.

Telephone: 0321-2057582

Regular Website:  http://www.irfanlaw.com

 

Income Tax Law Firm in Karachi Pakistan

Top Law Firms in Karachi PakistanThe lawyers of Irfan Mir Halepota & Associates understand the challenges Pakistani businesses face as the federal and provincial tax systems grow ever more complex. Our mission is to decipher that complexity and provide sensible, business-oriented services to our clients on income tax and Sales Tax matters.

Our business clients routinely ask us to help structure their corporate transactions in a tax-effective manner, including reorganizations, estate freezes, and the purchase and sale of businesses and assets. We deliver tax advice from beginning (new corporations, partnerships and joint ventures) to end (business succession and estate planning) and all points in between.

Dealing with tax authorities isn’t always easy, but almost everyone has to do it eventually. We help individuals, corporations and trusts work with the CBR on a range of income tax or Sales Tax matter matters, including audits, negotiations, collections, objections to a reassessment, and voluntary disclosures.

We maintain an excellent relationship with CBR that helps us to resolve our clients’ matters efficiently and cost-effectively manner. But when agreements can’t be reached, our litigation expertise guides clients through appeals to the Tax Court and Tribunal of Pakistan.

 

We provide following services to our clients

 

  • Tax returns and Challans.
  • Reply to Show Cause Notices.
  • Tax Compliance.
  • Documentation of Tax record.
  • TAX LITIGATION
  • Legal Representation before Taxation Officer and Hon’able Superior Courts of Pakistan.

If you require more information, Feel Free to Contact Us for detailed consultation.

Telephone: 0321-2057582

Regular Website:  http://www.irfanlaw.com

Law Firm based in Karachi having well experienced Advocates and Lawyers in the fields of Income Tax Law.
E-26, Executive Floor, Glass Tower, Clifton,
Karachi, Sindh
PK
Phone: 03212057582