Tuesday, 28 May 2024
Revised Property rates by FBR

FBR will notify revised rates of immovable property by November

The Federal Board of Revenue (FBR) will notify revised valuation of immovable property by November 1.

According to report published in Business Recorder, the Board had extended the last date of October 13 for another week after finding discrepancies in the revised valuation of immovable properties, forwarded by the field formations from the country.

They said the field formations have submitted again the revised valuation of immovable properties after doing away with the discrepancies pointed out by the Board. One of the major discrepancies was a mismatch in the revised valuation with the prices of immovable properties on ground, they said.

The prices of immovable properties have registered an impressive growth after the announcement of an amnesty scheme by the Pakistan Tehreek-e-Insaf (PTI) government last year. However, the revised valuation of immovable properties missed this growth in prices, therefore, the Board had reverted the revised rates to the field formations for reconsideration.

According to Business Recorder, the Board would take another week to finalise the rates, followed by issuance of a formal circular by 1st of November.

See also  Refund Adjustment of Past Years from the Income Tax Returns

It may be noted that the International Monetary Fund (IMF) is also persuading the Board for a fresh valuation. Strong objections were raised by the Fund against the continuity of old valuation since 2015-16 when the Board had initiated the project of assessing the taxable value of immovable properties alongside the DC rates.

It was followed by issuance of a circular by the Board in early October for an online meeting of focal persons from all the field formations to get feedback up to 13th October 2021.

It is worth noting that both the large taxpayer offices (LTOs) and corporate tax offices (CTOs) have been excluded from the process and the whole focus has been shifted to regional tax offices, which deal with the individual taxpayers. Accordingly, RTOs in some 18 cities were asked to submit revised valuation of immovable properties to the Board.

See also  FBR lifts valuation rates of immovable properties in one go up to 600 per cent

The field staff of RTOs has carried out surveys, held meetings with real estate agents, and collected information from independent sources before recommending a fresh valuation of immovable properties to synchronize the FBR valuation of immovable properties to the 90 percent of the real value of land.

tax accounting services top tax consultants lahore pakistan

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: