FBR Notifies Huge Increase in Immovable Property Valuations in Over 20 Cities

The Federal Board of Revenue (FBR) has notified a significant increase in the values of immovable properties in more than 20 cities for the ongoing financial year.

The tax watchdog has increased the property valuations between 10-30% on average. The FBR has included rural areas as well to bring them in line with the property rates approved by the respective District Collectorates (DCs) Property Valuation.

The latest SRO issued by FBR in this regard states,

In the exercise of powers conferred by subsection (4) of section 68 of the Income Tax Ordinance, 2001 (XLIX of 2001) and in supersession of its Notification No. S.R.O. 361(I)/2022, dated the 2nd day of March 2022, the Federal Board of Revenue is pleased to determine the fair market value of immovable properties.

The cities where property valuations have been jacked up include Sheikhupura, Faisalabad, Bahawalnagar, Chakwal, Gujranwala, Hafizabad, Haripur, Jhelum, Bahawalpur, Khushab, Lasbella, Gwadar, Lodhran, Mandi Bahauddin, Multan, Rahim Yar Khan, Sargodha, Toba Tek Singh, Jhang, Sahiwal, Islamabad, Rawalpindi, Attock, and D.I. Khan.

The move from FBR comes as part of the requirements of the $400 million loan by the World Bank titled “Pakistan Raises Revenue.” The board, however, has clarified that the revised property valuations are still below the current fair market prices.

Previously in March, FBR had reduced the values of immovable properties in 40 cities, bringing down the exorbitant market values fixed in December last year.

  • Read your electricity bill carefully to see taxes which will make laugh and cry as you have pay. FBR has proved the historic speech of British Parliamentarian before freedom as he opposed at pitch of his voice that their subjects in united India are cruel people and if freed they will even tax fresh air and water and fleece the poor people. This now true after 75 years.

    • I agree. I think if any of the master mind of pakistan state have seen this level of governance they have died of heart attack!!!

  • Sir, Their are thousand old family and their source of income below the line, their should be survey sincerely in this respect and give concession to elegible family. Regards

  • Get Alerts

    ProPakistani Community

    Join the groups below to get latest news and updates.