The Federal Board of Revenue (FBR) has proposed a massive increase in the value of immovable properties in 18 major cities of the country for tax collection on the commercial and residential property transactions.
The board has also solicited comments and recommendations from the stakeholders till June 30, 2019, at the email address: [email protected]. The new revised rates will be applicable from July 1st, 2019.
Under the revised rates, the hike in the average valuation rate has been made in the range of 25 to 35 percent. The property valuation rate has been increased from 60 percent to an average of 85 to 90 percent in view of the fair market value of properties based on the locations in respective cities.
Cities, for which the hike in property valuation rate has been proposed, include Islamabad, Hyderabad, Gujrat, Faisalabad, Bahawalpur, Abbottabad, Jhang, Jhelum, Mardan, Lahore, Multan, Peshawar, Rawalpindi, Sahiwal, Sargodha, Gujranwala, Sialkot, and Sukkur.
In Islamabad, the FBR has fixed the per square foot valuation for construction under five years old as Rs. 1500 and Rs. 1000 for properties over five years old for the residential areas. As for the commercial areas, the valuation rate has been fixed as Rs. 2000 for five-year-old construction and Rs. 1500 for more than five-year-old construction.
Moreover, the highest valuation rate has been determined for Sector E-7, i.e., Rs. 148,000 while I-16 Sector has a lower valuation rate of Rs. 26,400.
Here are the FBR-proposed new property valuation rates:
Islamabad
Abbottabad
Bahawalpur
Hyderabad
Gujrat
Faisalabad
Jhang
Jhelum
Mardan
Lahore
Multan
Peshawar
Rawalpindi
Sahiwal
Sargodha
Gujranwala
SialkotÂ
Sukkur
So if I want to sell my property and no one is willing to buy it at the valuation market rates suggested by FBR due to inflation, will FBR purchase it from me at their said valuation? Or is the increament just to make excess recoveries via taxes?
FBR should purchase the said property on the Rates as Fixed.
What would be final figure I have to pay government for 10M home at Lahore?
Can anyone share the formula?
Why not Karachi is mentioned?
Where is Karachi?
I belong to Losar Sharfoo tehsil taxila which is under command of Wah Cantt. FBR valuate the new rate of immovable property of Wah Cantt to Rs. 10,00,000/- whereas on ground reality per marla rate of Losar Sharfoo is Rs. 2lac to 2.50 lac and registry value was before new rate calculated at Rs. 241000/- schedule rate of Cantt Board and now after implementation of new rate the schedule rate is 1000000/- which is unjustified according to ground reality because losar sharfoo is a town not city and rate is as high as 400 % . so please look into the matter and review the rates according to existing rate with minimum increase. Due to new rates it is very difficult to transfer the land which is Rs. 3 lac per 5 marla plot which was Rs.110000/- before this new valuation rate of FBR.
This is disgusting, the government is barking for the rights of Kashmir while they don’t even like to discuss the brutality they imposed on the citizens of pakistan. I have property and I’m regular tax payer not only in this lotta party dictatorship. Previous tax over one of my shop was 5-15k, that i payed, but now you won’t imagine i received a tax slip of 52156/-. If you compare it with the income of my property you must be shocked. Because the annual income of my shop is just only 2lakhs. As i gave it on rent. I am willing to sell my shop according to FBR formula. Please i bag you FBR buy a shop from me on this formula.