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Amending the amendments proposed in Finance Act 2016 – an account of recent happenings

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Posted: 21 Jul 2016 06:01 AM PDT The recent standstill seen in the market in terms of property sale and purchase activity followed by protests held by property agents throughout the country lead to a formal meeting between Special Assistant to Prime Minister on Revenue Haroon Akhtar Khan, Federal Board of Revenue (FBR) senior officials and representatives of Federation of Pakistan Chambers of Commerce and Industries and property dealers association held a couple of days ago. The meeting turned out to be successful, and the government has taken back its decision to valuate property through State Bank of Pakistan’s appointed valuators. Congratulations readers! With regard to how the offices concerned will now valuate the property and reduce the stark difference between Deputy Commissioner (DC) Rate and real time market value, several theories are circulating the market. Please note that the final decision is yet to be taken and a meeting will be held in this regard between Fi...