This refers to the news report ‘Proposal to abandon DC, FBR rates for real estate transactions’ (Oct 27). This proposal hurts retired government servants, non-state pensioned elderly and the urban population in Punjab and Sindh.
It is important to mention that international auditing in taxation matters uses the last sale value of property as taxation value, therefore tax rates on market value assessment are incorrect. In fact, the current DC and FBR rates are wrong since auditing for the purpose of taxation requires only the last sale value as taxation value
M Shaikh
Islamabad