Sunday, 19 January 2025
Trending
8009 Nadra family verification system | 8009 Nadra online check | 8009 sms Nadra Apple IPhone XS Max PTA and Import TAX in Pakistan | Non PTA price in Pakistan 1500 Prize Bond Draw List 15 August 2022 Lesco Bill Check Online 2022 | How to Get Lesco Duplicate Bill Online How to Check and Verify Vehicle Ownership | Car Registration Online Check 750 Prize Bond List 2022 | Prize Bond Schedule 2022 How to Check Number of Mobile SIMs Issued Against Your CNIC Prize Bond 750 list 2022 | Prize Bond Schedule 2022 200 Prize Bond Draw List 2022 15th March 2022 – Prize Bond Draw Schedule Dates and Results 2022 PM Imran Khan Big Incentive for Construction Industry In Pakistan FBR warns retail stores to register with point of sale (POS) System to avoid heavy fines FBR increased the limit of turnover for withholding agents Ministry of commerce announced the import policy of new and used cars under Import Policy Order, 2020 Free use of foreign currency account outside Pakistan stopped by government FBR sealed Jazz head office for non-payment of taxes Taxpayers Profiling: Submit otherwise ready to be inactive Digital Pakistan: PTCL to launch public Cloud platform State Bank of Pakistan (SBP) authorized to non-resident individuals holding Pakistan Origin Card (POC) to open foreign currency account Pakistan launches National Job Portal Sales tax rates | Third Schedule goods | Eighth Schedule goods | Retail price | Reduced rate of sales tax Cyber security advisory issued by PRAL for FBR employees working from home Taxpayers are still allowed to file income tax returns: FBR Withholding tax on Pakistan-made mobile phones abolished Annual Income tax return filing last date December 31 2020 for companies FBR's datewise activities in year 2020 Government appointed permanent chairman of the FBR after six months The State bank of Pakistan launching a new payment system called ‘Raast’ Japan action against trade of illegal used cars in Pakistan FBR called for income tax proposals for 2021/2022 budget Taxpayer bound to make e-payment of duties and taxes over Rs 1 million: FBR Tax on Agricultural Income in Pakistan Taxpayers to update profile to avoid penalty, and exclusion from ATL National Tax Council (NTC) lacks the constitutional Cover My Refund in IRS Customers complaints: HBL Bank on Top of the list Cabinet approved budget proposals to meet the IMF's Demands FBR Submits Proposed Tax Exemptions Withdrawal Bill in National Assembly secretariat PTBA Proposed the FBR to extend the last date for updating taxpayers’ profile Pakistan to import sugar, cotton from India: Hammad Azhar Press Conference Rupee Becomes the World's Best Performing Currency against Dollar FBR to reintroduce track and trace system for tobacco products by the end of June 2021 Withdrawal Of 15,000 & 7,500 Denomination National Prize Bonds From Circulation FBR Reduces Sales Tax Rate on Petroleum Products Lahore High Court dismisses plea against ban on Rs 7,500 prize bond SBP extends prize bond encashment deadline Shaukat Tarin warns Tax defaulters of action after third-party audit Real Estate Sector Demands Extension In Construction Package & Amnesty Scheme Proposed Federal Development Budget Senate Panel criticized FBR for sending tax notices Taxpayers to update profile to remain in ATL and skip fine
Revised Property Valuation Rates by FBR
TAXATION

FBR’s Revised Property Valuation 2022 Expected to Re-Notify on 1 March

By

The Federal Board of Revenue (FBR) previously through office memorandum had already decided in February 2022 to re-notify new rates of immovable property valuation on March 1st, 2022.

Pursuant to Statutory Regulatory Orders (SRO) No 1534(1)/ 2021 and 1572(1)/2021, a special order of the government — or office memorandum — had already been issued by the tax machinery on the review of the valuation of immovable properties.

The FBR announced previously that the new valuation tables of the immovable properties would be re-notified on March 1, 2022.

Earlier, the FBR 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.

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.

See also  FBR's recommended list of vendors for the provision of Point of Sales (POS) software to retailers

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.

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: