ISLAMABAD: The Federal Board of Revenue (FBR) is all set for jacking up valuation rates of properties in 42 major urban cities of the country ranging between 20 to 100 percent depending on ‘fair market value’.
The FBR has finalised its revised valuation tables for 42 major cities and decided to forward them to the Ministry of Law for vetting before issuing them formally.
The jacked-up valuation rates of properties are expected to be notified within the month. After a pause of two years, the valuation tables of properties will be notified. Last time the FBR had issued valuation tables on September 13, 2022.
“The FBR has proposed revision in 42 cities depending on location and fair market value of different parts of cities. In future the FBR wants to revise on a more frequent and regular basis to catch up the real potential of real estate sector,” top official sources confirmed while talking to The News here on Thursday.
The FBR is also considering increase in the number of cities for expanding the concept of FBR notified valuation rates by adding 14 more cities, so that the number of cities could go up from 42 to 56 cities in the next phase. For the time being, 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.
In another development, the FBR has issued Statutory Regulatory Order (SRO), notifying collection of Federal Excise Duty (FED) on property. According to the SRO, three percent duty of gross amount from filers, five percent from non-filers and seven percent from those not on the active taxpayers list would be collected at the time of allotment or transfer of commercial property and first allotment or first transfer of open plots or residential property on the date of acquisition of the property.