ISLAMABAD: The Federal Board of Revenue (FBR) will considerably increase values of immovable properties up to 75 percent of the existing market values in the next 1-2 days.
Sources told Business Recorder that the FBR had sent the notifications for vetting to the Law and Justice Division. The FBR is expected to issue enhanced values of the immovable properties on Friday (today).
“The increased property values are expected to be notified on October 11,” officials added.
Immovable properties: FTO sets deadline for revision of valuations
In this regard, the FBR has finalised its revised valuation tables for 42 major cities. The FBR will increase property valuation rates to bring them closer to market values. The FBR did not raise property valuation rates last year. The property values, presently around 75 per cent of market value, are expected to further increase to 80-90 percent of estimated market rates.
The FBR had previously adjusted property valuations four times, in 2018, 2019, 2021 and 2022.
In few cases like Gwadar, the values of immovable properties have been decreased. However, mostly the values of immovable properties have been considerably increased through new notifications. There are cases where the values have been raised by 75 percent.
The values of commercial, industrial and residential properties have been separated under the new notification, sources said.
Through new notifications, the valuation rates of properties in 42 cities will be revised upward including Abbottabad, Attock, Bahawalpur, Chakwal, Dera Ismail Khan, Dera Ghazi Khan, Faisalabad, Ghotki, Gujranwala, Gujrat, Gwadar, Hafiz Abad, Haripur, Hyderabad, Islamabad, Jhang, Jhelum, Karachi, Kasur, Khushab, Lahore, Larkana, Lasbela, Lodhran, Mandi Bahauddin, Mansehra, Mardan, Mirpurkhas, Multan, Nankana, Narowal, Peshawar, Quetta, Rahim Yar Khan, Rawalpindi, Sahiwal, Sargodha, Sheikhupura, Sialkot, Sukkur and Toba Tek Singh. The Federal Tax Ombudsman (FTO) has given a deadline of October 11, 2024 to the FBR for revision of values of immovable properties across the country.
The FTO has warned the FBR Chairman that, “in case of failure to furnish a final compliance report on or before the said date, proceedings for “Defiance of Recommendations” under Section 12(2) of the FTO Ordinance, 2000 shall be initiated against FBR officials.
Copyright Business Recorder, 2024
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