The Federal Board of Revenue (FBR) will issue increased values of immovable properties from July 1, 2024.
The FBR has started the process of the updation of valuation tables of properties across Pakistan in consultation with the provincial authorities.
The last valuation of immovable properties was done in March 2022. The new rates of immovable properties across the country have not been enhanced in the last two years following the commitment of the FBR to bring new housing societies into the tax net.
The FBR had temporarily suspended an increase proposed in the valuation of immovable properties till September 2023.
It was agreed between the FBR and the real estate sector that the FBR for the time being will not issue enhanced values of immovable properties in August 2023.
The committees were constituted in each city to work out the new values in consultation with the respective associations of the real estate sector. Later, developers and builders coordinated with the regional tax offices and finalized their values. The agreed rates were communicated to the FBR. However, there is no further development on this account.
It is expected that the new rates of the immovable properties will be notified in June 2024 for their applicability from July 1, 2024.
