The Federal Board of Revenue (FBR) has decided to re-notify new valuation rates for immovable properties on March 1st, 2022.
Pursuant to Statutory Regulatory Orders (SRO) No 1534(1)/ 2021 and 1572(1)/2021, a special order of the government — or office memorandum — has been issued by the tax machinery on the review of the valuation of immovable properties.
This comes a few days after a delegation of the Real Estate Consultants Association (RECA) met with the Federal Minister for Finance and Revenue, Shaukat Tarin. Sources at the time informed ProPakistani that the federal minister had assured the delegation that implementation of the Statutory Regulatory Order (SRO) pertaining to the FBR’s revised property valuation rates will be postponed till the first week of March.
Prior to this development, the FBR was scheduled to announce the new property valuation rates for Islamabad on 1 February 2021.
Now tabled for implementation on 1 March, the values of residential and commercial immovable properties located across 40 big cities have been revised.
It is noteworthy that in terms of section 68(4) of the Income Tax Ordinance, 2001, the FBR has the authority to notify/revise the impartial market value of immovable properties. In this connection, the tax regulator initially provisioned the new valuation metrics on 1 December 2021.
