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Muhammad Shafi Jakvani (CEO – CITI Associates) Views on Amendment of Income Tax Ordinance 2001 in Finance Act 2016


The Federal Board of Revenue (FBR) will take help from a panel of valuers approved by the State Bank of Pakistan (SBP) for ascertaining fair market value of a property for determination of chargeability of income tax.

In the Finance Act 2016, the government inserted a new sub-section to Section 68 of Income Tax Ordinance, 2001 stating that the fair market value of immovable property shall be determined on the basis of valuation made by a panel of approved valuers of the SBP.

Muhammad Shafi Jakvani (CEO – CITI Associates) in a recent interview to AAJ News, gave his views on Amendment of Income Tax Ordinance 2001 in Finance Act 2016.

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