ISLAMABAD: The Federal Board of Revenue (FBR) has finally decided to revise upward the values of the immovable properties to bring them at par with the prevailing market rates.
According to the FBR's instructions to the field formations, the exercise would be completed by the end of the current month. The focal persons in the field office on valuation of properties have been assigned to update the values after examination of the existing SROs.
The updated valuation tables may be shared by the field formations for upward revision in the relevant SROs of various cities. The FBR has also asked the field formations to specify the areas, which were not already part of the SROs on the valuation tables.
The FBR has also asked the field formations to point out anomalies, if any, in the valuation tables of the immovable properties, the FBR added.
The rates for the valuation of tables would be revised and the concerned Regional Tax Office would be responsible for any anomaly left unchecked during the exercise of revision of the property rates, the FBR issued instructions.
Sources said that the FBR will revise the valuation tables of immovable properties to enhance its revenue from sale/purchase transactions. The board has decided to make upward revision in the property rates already notified in the valuation tables of immovable property to increase the size of its revenue from sale/purchase transactions.
The provincial governments are also planning to issue notifications for adopting the FBR's valuation tables applicable to Urban Immovable Property Taxes (UIPTs) to raise the assessment values of immovable properties by up to 85 percent of the actual market values.
Copyright Business Recorder, 2021