The Federal Board of Revenue (FBR) has decided to issue new property rates.
According to sources, property rates of 54 cities will be released instead of 42 across the country. FBR rates are likely to be released in the next few days. The process of revaluation of properties in different cities of the country has been completed. The new valuation of the property will be closer to the market rates.
According to the sources, the FBR rate will be reduced in the cities of Balochistan. New property rates will be released in all major cities including Karachi, Lahore, Islamabad, Peshawar. New property valuation tables may be released this week after approval from the Law Ministry. The aim of this initiative is to increase tax collections on properties.
Sources further say that the real estate and construction sectors will not be discouraged. There is a proposal to increase the tax on sellers and buyers of property files. Real estate associations, builders and developers were consulted in determining the new property rates. Bhakkar, Charsadda, Chiniot, Khanewal, Khushab, Mianwali, Sabi and Swabi are included for property valuation.
