KARACHI: The Revenue Division has formed a new Inland Revenue field for information namely Directorate General Immoveable Properties (IMP) to act as Federal Board of Revenue (FBR)’s specialized agency on all matters relating to real estate and immoveable properties.
Directorate General IMP will start immediately – after its launch – identification of high end properties on sale and rent through internet navigation focusing real estate specific websites as well as discreet video surveys of new & upcoming real estate projects.
DG IMP would also deal with real estate financing and insurance: tools & documentation with special reference to taxation regime; forensic analysis of tax evasion prone areas in real estate, especially pilferages in withholding tax collection in real estate related transactions.
The Directorate General will act as FBR’s specialized agency on all matters relating to immoveable properties i.e.; open plots, constructed properties both residential, commercial & industrial, agricultural lands, housing schemes/projects/societies/towers/chains of luxury apartments and other related similar assets.
The Directorate General would also deal with real estate builders, marketing entities, brokers, architects, consultants, interior designers and all other related services providers.
It would also be responsible for digitized property mapping and geo-referencing based on digitized survey; photogrammetric, a method of mapping based on aerial information; valuation of immoveable properties i.e. roping in private valuers, periodic indexing of valuation, updating based on market survey; tracking online marketing of immoveable properties; mapping of rented properties (all kinds) at major urban centers, industrial estates, zones and areas.
The Directorate General will also deal with tax revenue issues of Real Estate Investment Trusts (REITs), “portfolios of properties whose stock prices investors frequently use to determine and analyze industry trends.”
This new DG would keep liaison with provincial Excise & Taxation and Land Revenue authorities for coordinated operations; provide input to Inland Revenue (IR) Policy and IR Operations wings with reference to real estate sector.
Its job description also includes survey and market analysis of real estate market segments i.e. geography, property type, ownership type and occupier/tenant type.
The DG IMP would develop standard operating procedures (SOPs) for different segments of its job description and generate Discrepancy Reports in the cases of registered as well as unregistered cases.