The Federal Board of Revenue (FBR) on Tuesday held in abeyance the new property valuation rates notified through SROs No. 1534(1)/2021 to 1572(1)/2021 dated December 1, 2021, up to January 31, 2022.
The new valuation tables of the immovable properties would be re-notified on February 1, 2022. In this connection, the FBR has issued an Office Memorandum on the review of the valuation of immovable properties. Earlier, the Board had suspended the new property valuation rates till January 16, 2022. Now a further extension has been announced by the FBR till January 31, 2022.
According to the FBR’s Office Memorandum, in continuation of Office Memorandum dated December 7, 2021, on the noted subject, SROs No. 1534(1)/2021 to 1572(1)/2021 dated December 1, 2021, shall remain in abeyance till January 31, 2022, and will be re-notified on February 1, 2022.
The FBR had considerably revised upward the values of residential and commercial immovable properties located in 40 major cities across the country. So far, the FBR has not issued the new SROs to be applicable from January 16, 2022.
The FBR is empowered to determine the fair market value of immovable properties in terms of section 68(4) of the Income Tax Ordinance, 2001. Therefore, the FBR vide SRO No 1534-1572(I)/2021, dated December 1, 2021, issued new valuation tables of properties across 40 major cities with a view to bringing them closer to the actual market prices.