Value of Toshakhana gifts: Bidding for appraisers on Aug 7

Applications have been invited from interested parties for appointment of appraisers

By Rana Ghulam Qadir
July 19, 2024
The picture shows a diamond set of approximately Rs14.827 million with the necklace costing Rs8.3 million, earrings worth Rs966,900, a ring of Rs382,300 and a bangle for Rs5.17 million. — Geo.tv
The picture shows a diamond set of approximately Rs14.827 million with the necklace costing Rs8.3 million, earrings worth Rs966,900, a ring of Rs382,300 and a bangle for Rs5.17 million. — Geo.tv

ISLAMABAD: The Cabinet Division has decided to estimate the value of gifts received in Toshakhana for which appraisers will be appointed through an open bid. Applications have been invited from interested parties for the appointment of appraisers. Only those who are registered with Income Tax and Sales Tax Departments can participate in the bid under the PPRA rules. These bids will be received on EPADS system.

The documents of bid offers will be received in Toshakhana Section of Cabinet Division on August 7 by 11am. Tenders will be opened on the same day at 11:30am. The gifts to be valued include jewelery (gold, silver, diamonds, stones and metals), all types of watches and clocks, miscellaneous items like carpets, rugs, furniture graphics equipment, decoration pieces, handicrafts, gifts and weapons made of porcelain and other materials.

The Cabinet Division has also issued instructions to the bidding firms, asking them to submit separate documents for each category of gift. A separate appraiser will be evaluated for each category. It is necessary for the appraiser to be member of a national, regional or local jewelers association, minimum five years experience in relevant field and should be in the taxpayers list of FBR.

The Cabinet Division will pay the assessment charges to the appraiser. Gifts whose assessment has been fixed by the FBR up to $5,000 will be assessed at ten percent of the assessment or Rs10,000, whichever is less, will be paid per gift.

Gifts whose assessment has been fixed by FBR up to $10,000 will be paid at Rs15,000 per gift. Gifts assessed for more than $10,000 will be paid Rs20,000 per gift.

Toshakhana gifts are available for sale only to politicians, officials of bureaucracy, both civilian and military, and to judges of the superior court. If any gift is left, it is auctioned for public sale.

According to the government policy, it is mandatory to inform the government about every gift received and to deposit it in the Toshakhana.