ISLAMABAD: The Federal Board of Revenue (FBR) has increased property valuation rates in over 20 cities by 10 to 30 percent on average, as well as in certain rural areas, to bring them in line with DC rates.
Sources claim that the revised valuation rates will aid in the collection of more taxes on immovable property. However, the FBR’s notified rates continue to be lower than the current fair market value.
In its recent announcement, the FBR has jacked up the valuation rates of immovable properties in cities such as Rawalpindi, Dera Ismail Khan, and Attock.
An official spokesman, Afaq Ahmed Qureshi, stated that they had revised the valuation rates of properties in 40 cities and decided to bring them in line with the valuation rates notified by respective DC in their areas.
Previously, the Board revised property valuation rates in Sheikhupura, Faisalabad, Bahawalnagar, Chakwal, Gujranwala, Hafizabad, Haripur, Jhelum, Khushab, Lasbella, Gwadar, Lodhran, Mandi Bahauddin, Multan, Rahim Yar Khan, Sargodha, Toba Tek Singh, Jhang, Sahiwal, and Islamabad.
Furthermore, Tehsil Taxila localities in Wah Cantt, Lala Zar, New City phases, Kohistan Enclave, Aslam Market, and Housing Societies near the New Islamabad Airport such as Mumtaz City, Top City, EIGHTEEN, Adyala Road, Chakri Road, Gujjar Khan, Murree, New Murree, Kotli Sattian, and Kallar Sadian were included in the FBR.
It is worth mentioning that the World Bank (WB) loan of $400 million titled ‘Pakistan Raises Revenues (PRR)’ includes the revision of property valuation tables in one condition.
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