The Federal Board of Revenue (FBR) is expected to postpone the implementation of the revised property valuation rates till March 1, 2022.
According to details, a delegation of the Real Estate Consultants Association (RECA) met with the Minister for Finance and Revenue Shaukat Tarin to discuss and review the shortcomings faced by real estate brokers in the big industry.
The head of the RECA delegation, Ahsan Malik, told ProPakistani that the Finance Minister had vowed to postpone the implementation of the Statutory Regulatory Order (SRO) pertaining to the tax machinery’s revised property valuation rates till the first week of March.
Malik revealed that the Finance Minister had agreed with his viewpoint on merging both public and private valuation rates. He said the Minister had directed the Member (Policy) FBR to consult with the stakeholders concerned for improvisation.
Prior to this development, FBR was scheduled to announce the new property valuation rates for Islamabad on 1 February 2021.
This is a developing story. More details will be revealed accordingly.