The Federal Board of Revenue (FBR) on Tuesday suspended again the new revised property valuation rates notified through SROs No 1534(1)/2021 to 1572(1)/2021 dated December 1, 2021 up to January 31, 2022. The new valuation tables of the immovable properties would be re-notified on February 1, 2022.
In this connection, the FBR has issued an office memorandum, here on Tuesday, on the review of valuation of immovable properties. Earlier, the Board had suspended the new property valuation rates till January 16, 2022.
According to the FBR’s office memorandum, in continuation of office memorandum dated December 7, 2021 on the noted subject, SROs No 1534(1)/2021 to 1572(1)/2021 dated December 1, 2021 shall remain in abeyance till January 31, 2022 and will be re-notified on February 1, 2022.
The FBR had considerably revised upward the values of residential and commercial immovable properties located in 40 major cities across the country. So far, the FBR has not issued the new SROs to be applicable from January 16, 2022.
The FBR is empowered to determine fair market value of immovable properties in terms of section 68(4) of the Income Tax Ordinance, 2001. Therefore, the FBR vide SRO No 1534-1572(I)/2021, dated 1 December 2021 issued new valuation tables of properties across 40 major cities with a view to bringing them closer to the actual market prices.