ISLAMABAD: The Federal Board of Revenue (FBR) has revised downward valuation rates of the immovable properties located in 1,271 areas/towns of Lahore to bring them at par with the district (DC) rates from January 1, 2023.
In this connection, the FBR has issued SRO 2300(I)/2022 here on Tuesday.
The FBR has also superseded SRO 348(1)12022, dated March 2, 2022.
The FBR has revised the rates for both the residential and commercial properties in Lahore.
Sources told Business Recorder that the values have been reduced in most of the notified areas of Lahore except few areas where the values have been enhanced to match the DC rates of Lahore. The coverage of the valuation of the property was increased in some areas, but the Board had revised downward the values of residential and commercial immovable properties located in different areas of Lahore to fix fair market value of immovable properties.
According to the new notification, the Board has determined the fair market value of the immoveable properties in respect of areas of Lahore.
Tax on immovable properties: FBR prescribes relevant form for taxpayers
This notification shall come into force with effect from January 1, 2023.
The values of almost all residential and commercial immovable properties of Lahore were revised in an attempt to bring them at par with the fair market values.
In the past, the FBR had notified valuation tables for Abbottabad, Attock, Bahawalpur, Bahawalnagar, Chakwal, Dera Ismail Khan, DG Khan, Faisalabad, Ghotki, Gujranwala, Gujrat, Gwadar, Hafizabad, Hyderabad, Islamabad, Jhang, Jhelum, Karachi, Kasur, Khushab, Lahore, Larkana, Lasbela, Mandi Bahauddin, Mansehra, Mardan, Mirpurkhas, Multan, Nankana, Narowal, Peshawar, Quetta, Rahim Yar Khan, Rawalpindi, Sahiwal, Sargodha, Sheikhupura, Sialkot, Sukkur, and Toba Tek Singh.
According to the Board of Revenue Punjab, the Collectors of districts are empowered to notify rates of immovable properties in the areas of their jurisdiction under Stamp Act 1899.
The valuation tables are according to the guidelines provided in the rules, the collectors should notify the valuation tables on the basis of values which in his opinion is the average of the highest and the lowest rates of the immovable properties in a zone.
The District Collectors are authorised to include any other officer or stakeholder in the committee for finalizing the valuation tables after removal of the anomalies in the valuation tables.
District Collectors are advised to keep coordination with the FBR offices at district level. The valuation tables approve by the committee will be notified by the District Collectors in the official gazette under Punjab (Stamp) Valuation Table in respect of valuation tables rules.
Copyright Business Recorder, 2023
Comments
Comments are closed for this article.