FBR Agrees to Review Commercial Property Rates to Fix Monthly Advance Tax on Retailers

The Federal Board of Revenue (FBR) and the traders’ community would jointly review the valuation tables of commercial properties for the fixation of monthly advance tax to be collected from shops and retail outlets. A delegation of All Pakistan Anjuman-i-Tajran headed by its President Ajmal Baloch met the FBR Chairman and his team of tax managers at the FBR House here on Monday. After the meeting, Ajmal Baloch informed the media that the association has conveyed its concerns about the valuation tables and their impact on shops across the country. The tax authorities have agreed to form a four-member committee comprising members of the FBR and traders to review the valuation tables and other concerns raised by the business and trade. The members of the joint committee are yet to be notified by the FBR. However, the FBR is ready to hear the concerns of All Pakistan Anjuman-i-Tajran, which is a positive development, Ajmal Baloch added.