The Federal Board of Revenue (FBR) intends to revise the valuation table for immovable properties across Pakistan from July 1, 2023. Section 7E introduced in the last budget – FY 2022-2023 – has had a declining effect in the rates of plots and immovable properties since last year. It may not be a wise and plausible decision to revise the valuation tables in the upcoming budget – FY2023-2024. Many assume that this decision would have a negative impact on the real estate sector that is already feeling the brunt of last year’s unfair and double taxation.
Mumraiz Khan
Karachi
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