KARACHI, (Pakistan Point News - APP - 19th August, 2016) : President of the Karachi Chamber of Commerce and Industry (KCCI), Younus Muhammad Bashir, has called for resolving the property valuation issue on priority basis. In a statement on Friday, he opined that the property evaluation tables by the Federal Bureau of Revenue (FBR) should be withdrawn. The system of collectors value for registration be accepted for Capital Gain Tax (CGT).
The KCCI president further commented that there should not be two rates to carry out evaluation of same property for provincial and federal taxation purposes. He maintained that Valuation Tables publicized by FBR were on higher side and were `unrealistic' as these tables have been finalized without taking the stakeholders on board. The KCCI president was of the view that they also contain some `legal flaws'. He demanded of the authorities to `revert to the previous system', the statement added.