FBR Increases Valuation Rates of Immovable Properties in 40 Cities
The Federal Board of Revenue (FBR) has jacked up the valuation rates of immovable properties in 40 cities. Moreover, FBR has also increased the valuation rates in some rural areas of Pakistan; a 10% to 30% increase is implemented to make them resonate with the DC rates.
As per the details shared by FBR, The valuation rates of immovable properties in urban and rural areas are increased as per the policies of the World Bank. Recently, World Bank issued a loan of $400 million under the “Pakistan Raises Revenues (PRR)” scheme. However, revised rates are implemented with a condition. It will increase the overall percentage of collected tax from immovable properties. According to officials of FBR, the newly revised valuation rates are still lower than the existing market value.
Now, FBR is revising the valuation rates of properties in both urban and rural areas of Pakistan for the fiscal year 2022-2023. In the reign of the past government, different areas of Islamabad were excluded from the authority of FBR, and valuation rates were decreased to benefit different political persons and housing projects. Now, the Federal Board of Revenue has also included those areas again and revised the valuation rates.
Cities with Revised Immovable Property Valuation Rates
FBR has revised the valuation rates of the following cities:
- Islamabad
- Faisalabad
- Sheikhupura
- Chakwal
- Bahawalnagar
- Gujranwala
- Hafizabad
- Haripur
- Jhelum
- Bahawalpur
- Khushab
- Gwadar
- Lasbella
- Lodhran
- Mandi Bahauddin
- Multan
- Rahim Yar Khan
- Sargodha
- Toba Tek Singh
- Jhang
- Sahiwal
In the latest issued SRO, FBR has now revised the rates in Rawalpindi, Attock, and Dera Ismail Khan. According to the official spokesperson of FBR, they have revised the rates of immovable property in approximately 40 cities of Pakistan. FBR aims to bring the valuation rates of all these cities as par the rates of respective DC in their territories.
The SRO released by FBR on 13 September 2022 is following sub-section (4) of section 68 of the Income Tax Ordinance 2001 (XLIX of 2001) and supersession of its notification no S.R.0 361(I)/2022.
Revised Immovable Property Valuation Rates in Rawalpindi
FBR also announced the revised rates of property in Rawalpindi District; rates will be revised for the following areas:
- Tehsil Taxila
- Wah Cantt
- Lalazar
- New City (All Phases)
- Kohistan Enclave
- Aslam Market
- Mumtaz City
- Top City-1
- Eighteen
- Areas of Adyala Road
- Gujjar Khan
- Chakri Road
Other areas for which FBR has revised immovable property valuation rates include:
- Murree
- New Murree
- Kotli Sattian
- Kallar Syedan
Revised Valuation Rates in Dera Ismail Khan
Valuation tables for Dera Ismail Khan were also updated by FBR for the following areas:
- Bannu Road
- Circle Road
- Inside Circle Road
- Saddar Bazar
- Chashma Road
- Diyal Road
- Tank Road
- Multan Road
- Draban Road
Revised Immovable Property Valuation Rates in Attock
FBR issued the detailed value table for Attock City that is made up of 139 pages; many areas of the city are targeted to bring them in line with DC notified rates.
Valuation Rates in Gwadar
For Gwadar, FBR has already issued revised immovable property rates back in August 2022 and it also targets multiple parts of the city.
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