Notification for Much Higher FBR Property Market Rates Delayed

The Federal Board of Revenue (FBR) has delayed the issuance of notifications for the revised valuation of immovable properties across the country.

Under the FBR’s plan, the valuation of immovable properties in major urban cities would be required to be increased from 75 percent to 90 percent of the market rate through the issuance of notification by July 2024. However, now it is mid-August 2024, the FBR has not yet issued the revised notifications.

The Regional Tax Offices and stakeholders held meetings to finalize new rates of immovable properties in the field formations. In the meantime, the new FBR Chairman, who has been engaged in presentations, was appointed.

Official sources told ProPakistani that the values are expected to be revised upward in the coming weeks.

FBR is going to revise upward the valuation rates of properties. The Statutory Regulatory Order (SRO) will be issued, and it will raise the FBR’s valuation rates from the existing 75 percent to at least 90 percent of the market rate, they added.