Tuesday, 23 April 2024
Trending
FBR revises values and rates of immovable properties
MARKETS

FBR decides to revise valuation of immovable properties

The Federal Board of Revenue (FBR) has decided to revise and increase the value of the immovable properties to bring them at par with the prevailing market rates. According to the FBR’s instructions to the field formations, the exercise will be completed by the end of October.

The field officers on the valuation of properties have been assigned to update the values after examination of the existing SROs. The updated valuation tables may be shared by the field formations for an upward revision in the relevant SROs of different cities. The FBR has also asked the field formations to specify the areas which were not already part of the SROs on the valuation tables.

The FBR has also asked the field formations to point out anomalies, if any, in the valuation tables of the immovable properties, FBR added. Sources said that FBR will revise the valuation tables of immovable properties to enhance its revenue from sale / purchase transactions. The FBR has decided to make upward revisions in the property rates already notified in the valuation tables of immovable property to increase the size of its revenue from sale/purchase transactions.

See also  Prices of all petroleum products increased: A New Year gift

The provincial governments are also planning to issue notifications for adopting the FBR’s valuation tables applicable to Urban Immovable Property Taxes (UIPTs) to raise the assessment values of immovable properties by up to 85 percent of the actual market values.

tax accounting services top tax consultants lahore pakistan
Ads:
Newsletter
Subscribe Now

Sign up for  Daily Digest and get the best of News for you.

[contact-form-7 id="11414" title="Contact form 1"]

Tax.net.pk - Your Tax Experts and Consultants

Welcome to Tax.net.pk

Providing Expert Tax Services for Individuals and Businesses

About Us

At Tax.net.pk, we are dedicated to providing comprehensive tax solutions tailored to meet the needs of individuals and businesses. With years of experience in the industry, our team of tax experts is equipped to handle various tax matters, including tax planning, preparation of tax returns, and compliance.

We strive to stay up-to-date with the latest tax laws and regulations, ensuring that our clients receive accurate and reliable advice. Our commitment to client satisfaction and our in-depth knowledge of the tax landscape make us the trusted choice for all your tax-related needs.

Contact Us

For inquiries or to schedule a consultation, please reach out to us: