FBR to Increase Property Rates By Up to 75% Across Pakistan Today

The Federal Board of Revenue (FBR) will today (October 11) raise the values of immovable properties up to 75 percent of the existing market values.

Sources told ProPakistani that FBR had sent the notifications for vetting to the Law and Justice Division. The FBR is expected to issue enhanced values of the immovable properties on Friday (today).

The Federal Tax Ombudsman (FTO) has given a deadline of October 11, 2024, to the Federal Board of Revenue (FBR) for revision of the values of immovable properties across the country.

In this regard, the FBR has finalized its revised valuation tables for 42 major cities. The FBR will increase property valuation rates to bring them closer to market values. The FBR did not raise property valuation rates last year. The property values, presently around 75 percent of market value, are expected to further increase to 80-90 percent of estimated market rates.

The FBR had previously adjusted property valuations four times, in 2018, 2019, 2021, and 2022. In a few cases like Gwadar, the values of immovable properties have been decreased. However, mostly the values of immovable properties have been considerably increased through new notifications. There are cases where the values have been raised by 75 percent.

Sources said that the values of commercial, industrial, and residential properties have been separated under the new notification.

Through new notifications, the valuation rates of properties in 42 cities will be revised upward including Abbottabad, Attock, Bahawalpur, Chakwal, Dera Ismail Khan, Dera Ghazi Khan, Faisalabad, Ghotki, Gujranwala, Gujrat, Gwadar, Hafiz Abad, Haripur, Hyderabad, Islamabad, Jhang, Jhelum, Karachi, Kasur, Khushab, Lahore, Larkana, Lasbela, Lodhran, Mandi Bahauddin, Mansehra, Mardan, Mirpurkhas, Multan, Nankana, Narowal, Peshawar, Quetta, Rahim Yar Khan, Rawalpindi, Sahiwal, Sargodha, Sheikhupura, Sialkot, Sukkur and Toba Tek Singh.

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  • In this way FBR will not succeed to enhance tax collection.A complete overhaul in FBR from top to bottom and across the board is required . Taxing privileged components of society particular Agriculture , dairy and livestock will be fruitful.

  • Why did the FBR decrease the rates in Gawadar alone? The answer is because the entire Gawadar is in the control of establishment people. Conduct a survey, if you do not trust me.

  • Due to extremely bad policy of government property business is struck badly
    millions of people are in trouble because of heavy transfer tax rate Wich is expensive then property

    🤔

  • A big set back for estate/property dealers and builders.The sales purchase will be more slower due to enhanced Tax values.The revision of property value should be realistic and affordable I e between 20 to 30% . Abrupt increase will badly affect the business and the overall tax collection will decrease


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