Tax Ratio to be reduced once FBR Value equalizes the Market Rate in Pakistan

The Federal Minister for Revenue Hammad Azhar stated that the government is planning to reduce the property-tax ratio once the official property valuation reaches the market rates, he said this during the event of a website launch for FBI. He stated that there will be no fresh amnesty laws introduced for the declaration of foreign and local assets through promulgation of an ordinance.

He also stated that benami laws have been made and the taxes on registration of property will be reduced once the rate is determined to equal to market value.

Regarding the draw for the Federal Board of Revenue's (FBR) audit of taxpayers, Azhar said, "Quality has been the focus for the audit and we have decided to send very few notices." He further stated this year 2.2% of income tax cases have been selected for audit as compared to 9.5% cases last year. He informed that the government is working towards reducing property taxes and provide facilities to taxpayers and create difficulties to non-filers.

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