Pursuant to Statutory Regulatory Orders (SRO) No 1534(1)/ 2021 and 1572(1)/2021, a special order of the government — or office memorandum — has been issued by the tax machinery on the review of the valuation of immovable properties.
The new valuation tables of the immovable properties would be re-notified on March 1, 2022.
In this connection, the FBR has issued office memorandum, here on Tuesday, on the review of valuation of immovable properties.
Earlier, the board had suspended the new property valuation rates till 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.
It is noteworthy that in terms of section 68(4) of the Income Tax Ordinance, 2001, the FBR has the authority to notify/revise the impartial market value of immovable properties. In this connection, the tax regulator initially provisioned the new valuation metrics on 1 December 2021.
Source: Business Recorder