Sindh to align its valuation table with FBR for three cities

KARACHI: The Sindh Chief Minister, Syed Murad Ali Shah, has said that his government had been making necessary legislation to align with the valuation table issued by the Federal Board of Revenue for three cities -- Karachi, Hyderabad and Sukkur.

He said this on Thursday in his meeting with World Bank Country Director Najy Binhussin in Islamabad, through video link from the CM House.

He was assisted by provincial ministers Sohail Siyal, Awais Qaddir Shah, Nasir Shah, Chairman Planning and Development M Waseem, Principal Secretary to Sindh CM Sajid Jamal Abro and concerned secretaries. The World Bank Country chief was assisted by his officers, Ms Malida Good, Huma Zafar, Lire Ersado, Said Dahdah, Francois Onimus and others.

Discussing Resilient Institutions for sustainable economy, the CM said that Sindh has been one of the first provinces to prepare a draft Fiscal Responsibility Legislation. He added that the fiscal responsibility includes Medium-Term Fiscal Framework (MTFF) and its periodic update of annually, limits on growth of expenditure and fiscal deficit.

The draft legislation has been tabled in the provincial assembly. It was pointed out that the FBR has issued valuation tables for Karachi, Hyderabad, and Sukkur, for Capital Gains Tax collection and their valuation tables are being aligned with the FBR tables, the chief minister said.

Discussing the issues of the physical encroachments in the province, the CM said that from now onwards, the Resettlement and Rehabilitation Framework would be prepared before removing the encroachments.

The meeting also discussed different projects launched with the assistance of the World Bank in Karachi to review their progress and streamline their funding.