Confusion Prevails as FBR Fails to Issue Revised Property Rates

The buyers and sellers of immovable properties across the country are unsure about the legal status of the applicability of the valuation rates from 16 January 2022.

The Federal Board of Revenue (FBR) failed to issue the downward revised immovable property valuation tables to be applicable from 16 January 2022 on time and it had suspended the new property valuation rates until 15 January 2022. Subsequently, the deadline for the issuance of the new rates expired on 15 January.

The FBR had revised the values of residential and commercial immovable properties in 40 major cities across the country upward last month. It was promised that the new rates would be re-notified on 15 January and then enforced on 16 January.

However, to date, the FBR has not issued the new SROs to be applicable from 16 January, and it will either extend the date for the applicability of the new rates for another week or temporarily restore the old rates until the revised SROs are issued.