ISLAMABAD: The Federal Board of Revenue has established the Directorate General Immoveable Properties (DGIP) to deal with matters related to real estate and immoveable properties.
A notification towards this effect was issued here on Friday which also included the details on scope, operational mechanics and procedural parameters of the newly established authority. The plan to establish the authority was announced in Finance Act 2018.
Broadening of Tax Base Director General Muhammad Tanveer has been given the additional charge to head the DGIP whereas three of his colleagues were also given additional charge to look after the new office.
Furthermore, the Federal Board of Revenue (FBR) also transferred three officials to the directorate including Saba Rehmat who was appointed as the Deputy Director North, Asim Reza as the Assistant Director Central and Mehran Khan was appointed as the Assistant Director South.
The newly established authority will deal with all matters related to real estate and immoveable properties including open plots, constructed properties – residential, commercial and industrial, agricultural lands, housing schemes, projects, societies, towers, chains of luxury apartments and other related assets. The notice defines different type of real estate and immovable properties in detail which are to be dealt with by the authority.
The DGIP has been tasked to conduct geo mapping of the immoveable properties. The mapping will include digitised property mapping, geo referencing based on digitised survey and photogrammetry – a mapping method based on aerial information.
The authority will carry out valuation of immoveable properties with the help of private property-valuers, periodic indexing of valuation, updating the data based on market surveys and tracking online marketing of immoveable properties.
The new office will also map rented properties at major urban centres, industrial estates, zones and areas and track foreign real estate operations within the country.
The authority will also liaison with provincial excise, taxation and land revenue authorities to conduct coordinated operations and provide input to Inland Revenue (IR) Policy and Operations wings with reference to real estate sector and forensic analysis of tax evasion prone areas in the major areas – especially identifying the pilferages in withholding tax collection in real estate related transactions.